Postby AGoodman » Mon Jan 15, 2018 12:21 pm
As your parent was not UK dom or (I assume) deemed dom, the only relevant fact is the location (situs) of the gift your parent made you.
I would ordinarily assume that a gift of cash made from a UK account was a UK situs gift, even if sent abroad, and so subject to the IHT regime - this would make it a PET and chargeable if the donor died within 7 years. Usual nil rate band(s) and rate taper apply.
There is an exemption for foreign currency accounts under s.157 IHTA but that only applies to balances at death (rather than gifts) and they have to be held in an account denominated in a foreign currency.
The position would of course be different if this were not a gift; was that the case?
Was there a particular point that led you to think the transfer was excluded/exempt?