In the United Kingdom, the liability for inheritance tax (IHT) depends on the overall value of the deceased person’s estate, including any gifts made within seven years of their death. The current IHT threshold, also known as the nil-rate band, is £325,000 per person.

If the total value of the deceased person’s estate, including their shares and other assets, is below £325,000, then generally no inheritance tax is payable. However, if the estate exceeds the threshold, the amount above £325,000 may be subject to inheritance tax at a rate of 40%.

In your case, if you have been left £130,000 in shares, it is important to consider the total value of the deceased person’s estate. If the total value of their estate, including the shares, is below £325,000, then you would not typically be liable for inheritance tax on the shares.