Inheritance tax allowance and multiple property ownership

My parents main residence upon death will be subject to an allowance of £1 million ( 325K x2 plus 175K x2 ) My question is ..Does this allowance only apply to their main residence only ? Or, because they own a further two properties, is the allowance is set against the total value of all of their assets ?

Hi,

Please contact the Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.