Inheritance tax allowance

Hi All

I am currently studying P6 for June sitting and I am on Inheritance tax at the moment but got a bit confused with the £325,000 allowance and the 7 years rule.

I think my first question is what exactly is the death estate? Is that simply the assest of the person who died which hasn’t yet given away as a life-time lift? So, it will be everything in the will + others not in the will?

My next question is the £325,000. Do they get the full amount again for the death estate?

example: Mr.A died Apr 2013, gave away a PET in 2010 worth £125,000. Does that mean the allowance will be reset to £325,000 (bringing total allowance of £325,000 + £125,000) within the 7 years up to the date of death. Or will it be £325,000 – £125,000, as he had already used up some of the allowance within the past 7 years?

Also, just want to ask some study tips? I am finding it really difficult to remember all the conditions, exemption on all the tax and also all the reliefs, how did/do your guys revise them?

Thanks very much in advance 🙂

Regards
Kev