Inheritance Tax of Ltd Company

I thought a Ltd company, wholly owned and controlled by someone, passed to their children, where the value of the company did not attract IHT.
This is a trading company with a modest amount of money in its bank account. The deceased person is already in the regime where their estate will attract IHT.
Can anyone say if this is the case, and what conditions are imposed by HMRC?
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In summary, yes and several. I suggest you start with the HMRC guide to the relief at
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