IF I5="Y" Return "" (Dont email out)
IF I5="N" Return "Y" (Email out but depends on AX5, if AX5="Y" (Dont Email out) Return ""
AX5 is blank at the momenthope this makes sense
Many thanks

It appears to me that you want the IF function to return "" if either I5 or AX5 = "Y". Assuming that I5 can only contain Y or N, this should work:
=IF(OR(I5="Y",AX5="Y"),"","Y")
To ensure that I5 can only contain Y or N, I would use a Data Validation Dropdown.
If you don't, you'll need to deal with other values and decide what you want the IF to return if I5 contains something other than Y or N.
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