Selling shares
Lindosbay
Posts: 6 Forumite
My daughter had some shares bought for her many years ago she had them transferred into her name and now the time has come to sell them. What is the best way to do this...I'm a complete novice at this so keep it simple please.
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Probably the best way is to sell through Hoodless Brennan. The share certs will need to be sent to them first as they act as nominees but then I think you get your first months transactions commission free :-)PLEASE DO NOT STEAL
The Government will not tolerate competition
Always judge a man by the way he treats someone who is of no use to him0 -
From the information you have given, I would infer your daughter is sitting on a few share certificates - or at least they are in a drawer or file somewhere.
So as to be able to sell these shares your daughter needs the services of a broker who can allow her to open a 'Certificated Account'.
The 'first month free' deal with Hoodless Brennan mentioned above is actually for an 'online trading account' only, which unfortunately, is not the sort of account you are in need of. This type of account doesn't use share certificates.
I would suggest you have a look at what is offered by Barclays Stockbrokers. For a Certificated Account, they are also a little bit cheaper than Hoodless Brennan, too.
http://www.stockbrokers.barclays.co.uk/content/Public/Products_And_Services/Certificated_Share_dealing_rates.htm
When you or your daughter click on the link, do also have a look at the 'Open an Account' tab. You will see that you can merely ring up and open the type of account you want, namely their 'Certificated Share Dealing Account', over the phone.
I hope that helps.0 -
There's also the Share Centre, which doesn't require you to open an account to sell certificated shares.0
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What about her bank? They should be able to sell them for her- surely? It might cost a bit more in dealing charges but I would have thought it would be the simplest and you wouldn't need to set up any accounts with other companies. Ask them how much they would charge then if you feel it is to expensive you could consider going elsewhere but should be the least hassle I imagine.Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
So as to be able to sell these shares your daughter needs the services of a broker who can allow her to open a 'Certificated Account'.
The 'first month free' deal with Hoodless Brennan mentioned above is actually for an 'online trading account' only, which unfortunately, is not the sort of account you are in need of. This type of account doesn't use share certificates.
There is no need to use a 'Certificated Account' - one can simply join a online broker and then send the share certificates to them to register against their account before selling them.
This would be a lot cheaper than using a certificated account.
As has been mentioned, Hoodless Brennan offer the first month of trading commission free
Alternatively:
2) HSBC InvestDirect will charge you £11.95/trade to sell your shares, if you have a HSBC current account.
3) Selftrade charge £12.50/trade but have a referral scheme where you could get up to £80 (see this thread for those offering referrals)
Regards
Sunil0 -
'For a Certificated Account, they are also a little bit cheaper than Hoodless Brennan, too.'
That may be true when dealing with individual certificates but why not send them all to the broker in the first instance. You would have to do that each time you sell anyway, so doing it once for all the certificates at the start has to be the best and safest move IMO - I would recommend Special delivery for this. It takes a few days to add them to your nominee account which can be viewed online and then as a new customer you get to deal for free for the first month.
I have done all this myself and not looked back - they have been excellent and are currently the cheapest broker AFAIK.PLEASE DO NOT STEAL
The Government will not tolerate competition
Always judge a man by the way he treats someone who is of no use to him0 -
Hi there,
I'm pretty new to all this share purchases etc.
Today, I purchased some shares of an American company through Hoodless Brennan (HB). I have little experience in this all.
I'm aware that I may be liable of Capital Gains Tax (CGT) on any gains I make on these shares should I sell. When I asked the lady whether HB sorted out these out for us - I was told that 'She couldn't say anything other than for me to speak to a Tax Advisor'
Eh?
Do I need to speak to my local tax office before the end of this financial year? Or only when I come to sell?
How is it all worked out? Is it complicated?
Thanks,
F0 -
Do I need to speak to my local tax office before the end of this financial year? Or only when I come to sell?
At worst - you only need to contact them when you sell. And only then if you make (together with any other {capital} gains in the year) more than your CGT allowance for the year - circa £10k for next year.
Trust the US stock purchase is not the result of a cold call from an Investment Co?If you want to test the depth of the water .........don't use both feet !0 -
Cold Call? No. I went direct with HoodlessBrennan to buy direct into a certain 'Fruit company'
So I have an allowance for CGT - totally independent of Income Tax? Where does it say this in the HMRC website? Can you provide a link?
Thanks,
F0 -
Yes .. independent of IT.
It's not uprated on the HMRC site yet, but I'm sure it's in prospect for circa £10k (£9.2k this year) :
http://www.hmrc.gov.uk/rates/cgt.htm
PS .... look at the annual exempt amount but forget the 'indexation' stuff as the means of calculating CGT is changing ... and will be 18% if you exceed the allowance.If you want to test the depth of the water .........don't use both feet !0
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