Buying Shares at 16?

[Solac]

Hi

Can you buy shares at 16 anywhere? My dad said that he will let me put them in his name, but I am just wondering if there is anywhere where I can do it in my name?

Thanks

[si1503]

I'm pretty certain that 18 is the minimum age requirement to buy shares in a company. However your father should be able to set you something up in your name. I recently inquired at Hargreaves Landsdown about opening up an account for my son that is only 11 months. Obviously he can not open an account himself but I can open an designated account in his name on his behalf, which I can pass over to his control once he reaches 18.

[Chrismaths]

It's called a bare (or absolute) trust. If your dad opens the account in the name of "dad re: Solac", that guarantees you to the assets at age 18. Just bear in mind that if it was once your parents' money (ie not earned by you) then any income over £100 (ie £90 worth of dividends taking into account tax) in a year would be treated as your parents income.

[gt94sss2]

Can you buy shares at 16 anywhere? My dad said that he will let me put them in his name, but I am just wondering if there is anywhere where I can do it in my name?

You can open what is called a 'designated account' - the shares will be held on your behalf but the account will actually be under your dad's name with your initials appearing afterwards.

When you are older, they can rename the shares fully in your name.

Most stockbrokers should offer these - for instance, Selftrade offer this option and they will also give you £50 if you are referred by an existing customer (though you can increase this to £80: see here (http://forums.moneysavingexpert.com/showpost.html?p=3663519&postcount=200))

Regards
Sunil