Inheritance tax

[maxinep]

Hi can someone advise me, my parents want to pay our mortgage off for a some of 55k, I know if they do this and they both die within 7 years then the sum is subject to inheritance tax
The rest of their estate including a property is left to my brother and I, I have looked and I think I’m correct in thinking that as they are leaving the property to their children the tax threshold is £500k
would the gift they gave me be included in this sum and if they do die in the next 7 years am I liable for the inheritance tax on my own for the gift and would I have to pay this before I received the half of the estate and if so would they expect this in a lump sum?
Thank you

[EnglandPi]

https://www.gov.uk/inheritance-tax/passing-on-home

[maxinep]

Hi I totally understand the inheritance tax but have a couple of queries

If both parents die within 7 years and I have to pay the inheritance tax on the gift, can I pay this out of my final inheritance or would the hmrc request this before and if so is it a lump sum?

Thank you