75k gift within 7yrs when whole estate within threshold

[Richardofyorks]

My parents' house is worth about £450k (mortgage free)
My mother died 5 yrs ago and left 40k cash to her children and everything else to my dad. I don't believe she had any other personal assets, so she left him her share in the house.
My dad has about 150k of ISAs and shares.
Therefore the entire estate now is worth about 600k
Only 40k of their joint allowance has been used, and my understanding is that tax would only be payable on any amount over 650k and the whole estate is worth inc my mum's cash 640k
Ignoring the 100k increase in the threshold for houses coming after 6 April (which I don't think affects this issue) my question is:
By selling some shares my dad wants to give me 75k towards a new house and he is unlikely to live for another 7 yrs; if he does give me the money, is the 75k tax free because it is within the 650k overall tax free allowance, or would I have to pay tax on it because it will be a gift within 7 yrs of death (assuming he doesn't live for another 7 yrs)?
Thanks

[AGoodman]

If he died within 7 years it would be treated as part of his estate but would still be subject to the nil rate band allowances. On these numbers, there would still be no IHT to pay on his estate - and in addition, assuming he left the house to descendants, the residential nil rate band would kick in to increase the tax free amount on his death.

AG

[maths]

Mother left 40k to children and hence left unused 87.69% of her 325k nil rate band.

On father's death his nil rate band would be 325 x 1.8769 = 610k.

[Richardofyorks]

Thanks for the replies