On 12 November 2010, Hazel made a gross chargeable transfer to a relevant property trust of £266,000 (after deduction of exemptions). On 1 April 2016 she gave £300,000 to her grandson. These were her only transfers. She died on 17 December 2020.

Calculate the inheritance tax payable by her grandson as a result of Hazel's death. (Assume that there is no unused nil-rate band to be transferred from a previously deceased spouse or civil partner).