You should assume that today’s date is 15 March 2014.
Tobias has recently inherited the residue of his aunt Mildred’s estate. Mildred died on 8 December 2013, and her estate consisted of the following assets:

(1) A main residence valued at £660,000. This had an outstanding interest-only mortgage of £94,300.

(2) A portfolio of ordinary shares valued at £192,600.

(3) A motor car valued at £21,900.

On 8 December 2013, Mildred owed £9,400 in respect of credit card debts, and she had also verbally promised to pay the £4,600 medical costs of a friend. The cost of Mildred’s funeral amounted to £5,800.

Under the terms of her will, Mildred made specific legacies totalling £25,000 to her friends, with the residue of her estate being inherited by Tobias. Mildred had not made any gifts during her lifetime.

Mildred’s husband had died on 19 July 2006, and 40% of his inheritance tax nil rate band of £285,000 for the tax year 2006–07 was not used.

Required:
(a) Calculate the amount of the inheritance which Tobias will have received (after tax) from his aunt Mildred’s estate. (7 marks)