Thomas died on 31st March 2023, Calculate the Inheritance Tax for him:

Thomas lived in the West Midlands. He, together with his wife, owned a large house, but In March 2012, when the value of the house was 1.5m, they gifted it to their son, and moved to a smaller property. At the same time, they each gifted shares worth 250,000 to their daughter. Thomass wife died in 2020, and left her estate to Thomas. Thomass estate at death comprised: 4-bedroom house worth 650,000, Furniture, chattels, and jewellery 50,000, Shares in the family company valued at 800,000 (owned for more than 2 years), and Unit trust shares 150,000. The estate is to be shared equally by their son and daughter.