Hi all,
I'm a non UK national, but a resident in the UK with full time employment taxable at income.
I had an overseas bank account (non-EEA/EU) since 2000+ as a joint holder with my parents (they are non UK nationals).
Back in 2014, my father passed away, the joint account was closed and the funds transferred into a new account under my name as sole account holder.
I now wish to close off this account and remit the funds to the UK.
I believe it should be exempt from UK inheritance tax as my parents do not have any UK ties (Their visit was on holiday purposes, perhaps once every 2/3 years).
Questions:
1) Can the funds be considered a cash gift, as my mother has given to me?
2) As I wish to remit the funds to the UK, do I need to declare this to HMRC? as the overseas account belongs to me. The amount is around USD 174,000.
Many thanks!
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