On 1 July 2014, Sameer made a cash gift of £2,500 to his sister. On 1 May 2015, he made a cash gift of £2,000 to a friend. On 1 June 2015, he made a cash gift of £50,000 to a trust. Sameer has not made any other lifetime gifts. In respect of Sameer’s cash gift of £50,000 to the trust, what is the lifetime transfer of value for inheritance tax purposes after taking account of all available exemptions?