Reference no: EM132906738

Helen died on 14 June 2020. On that date, she had the following assets:

Helen's home: £495,000

Quoted shares: £175,000

ISA investments: £95,000

Cash at bank: £43,000

Car: £6,000

Helen's funeral cost £5,000.

1. Helen's husband Frank died two years earlier, leaving a legacy to their daughter and the balance of his estate to Helen including his share of the family home. (Frank's Residence Nil Rate Band (RNRB) was not utilised at his death).
2. Franks' estate utilised 60% of his Nil Rate Band (NRB).
3. Helen's estate has been left in her will to her daughter.
4. Helen did not make any lifetime gifts.
5. The executors of Helen's estate have not yet completed an IHT Return.

Problem 1: Calculate the IHT liability arising on Helen's death, explaining your computations and state the date by which any IHT due should be paid to HMRC.