These are the rules for normal people…
Inheritance Tax
is a tax on the estate (the property, money and possessions) of someone who’s died.
There’s normally no Inheritance Tax to pay if either:
- the value of your estate is below the £325,000 threshold
- you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club
The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold.
https://www.gov.uk/inheritance-tax
Business Relief for Inheritance Tax
What qualifies for Business Relief
You can get 100% Business Relief on:
- a business or interest in a business
- shares in an unlisted company
You can get 50% Business Relief on:
- shares controlling more than 50% of the voting rights in a listed company
- land, buildings or machinery owned by the deceased and used in a business they were a partner in or controlled
- land, buildings or machinery used in the business and held in a trust that it has the right to benefit from
You can only get relief if the deceased owned the business or asset for at least 2 years before they died.
https://www.gov.uk/business-relief-inheritance-tax/what-qualifies-for-business-relief
No, it’s usually buried in the wall behind the plasterboard. Although it is possible to use surface trunking. It’s quicker and therefore cheaper to use trunking with less making good afterwards