transfer of shares after probate

stamford1

Could anybody help me with the transfer of shares from my late husband to myself.I have probate and the share transfer form but am not sure which category on the form it comes under to be exempt from stamp duty.
many thanks

JamesU

stamford1 wrote: »

Could anybody help me with the transfer of shares from my late husband to myself.I have probate and the share transfer form but am not sure which category on the form it comes under to be exempt from stamp duty.
many thanks

My sympathy for your loss and welcome to the forum. It is difficult to answer your question with the limited information you have provided, but in general:

1. The shares will be registered with a registrar, and the registrar needs to be informed and will require an original copy of the death certificate and grant of probate (these will be returned).

2. The two common registrars for shares are Equiniti and Computershare and if you have the client ID/reference number for the shareholding (this can be found on the share certificate or correspondence), give the registrar a ring and they can advise you on the procedures to follow. You can probably work out the registrar from the paperwork you have at hand.

3. Once the registrar has received the information in point 1 above, on request they will send transfer forms for each type of share (for example Lloyds, Barclays etc). The transfer forms are filled in and, usually a proof of address is also requested (eg council tax bill, which will be returned).

4. On the transfer form, from memory I believe stamp duty is waived for transfers of each type of shareholding up to £1000 in value, but this should be checked on the phone with the registrar. Usually with the share holdings there is no cost for the transfer of share ownership under these circumstances. A new share certificate can also be issued on transfer and again under these circumstances this does not usually involve a cost. Some shares may not be reissued in a certificated form (example, Abbey National which is now Banco Santander and held on record with the registrar).

Hope this helps.

JamesU

barak

stamford1 - I know exactly what you are asking - the back of those forms are not easy to understand. You clearly already have the stock transfer form and wish to know which category letter to put in the box on the back - as in the following example -

FORM OF CERTIFICATE REQUIRED WHERE TRANSFER IS EXEMPT FROM STAMP DUTY
Instruments of transfer executed on or after 1st May 1987 effecting any transactions within the following categories are exempt from stamp duty:
A: The vesting of property subject to a trust in the trustees of the trust on the appointment of a new trustee, or in the continuing trustees on the retirement of a trustee.
B: The conveyance or transfer of property the subject of a specific devise or legacy to the beneficiary named in the will (or his nominee).
C: The conveyance or transfer of property which forms part of an intestate’s estate to the person entitled on intestacy (or his nominee).
The appropriation of property within section 84(4) of the Finance Act 1985 (death: appropriation in satisfaction of a general legacy of money) or section 84(5) or (7) of that Act (death: appropriation in satisfaction of any interest of surviving spouse or civil partner and in Scotland also of any interest of issue).
E: The conveyance or transfer of property which forms part of the residuary estate of a testator to a beneficiary (or his nominee) entitled solely by virtue of his entitlement under the will.
F: The conveyance or transfer of property out of a settlement in or towards satisfaction of a beneficiary’s interest, not being an interest acquired for money or money’s worth, being in conveyance or transfer constituting a distribution of property in accordance with the provisions of the settlement.
G: The conveyance or transfer of property on and in consideration only of marriage to a party to the marriage (or his nominee) or to trustees to be held on the terms of a settlement made in consideration only of the marriage.
GG The conveyance or transfer of property on and in consideration only of the formation of a civil partnership to a party to the civil partnership (or his nominee) or to trustees to be held on the terms of a settlement made in consideration only of the civil partnership
H: The conveyance or transfer of property within section 83(1) or (1A) of the Finance Act 1985 (transfers in connection with divorce etc).
I: The conveyance or transfer by the liquidator of property which formed part of the assets of the company in liquidation to a shareholder of that company (or his nominee) in or towards satisfaction of the shareholder’s rights on a winding-up.
J: Transfer of property under this category is not appropriate by form of common transfer.
K: Transfer of property under this category is not appropriate by form of common transfer.
L: The conveyance or transfer of property operating as a voluntary disposition inter vivos for no consideration in money or money’s worth nor any consideration referred to in section 57 of the Stamp Act 1891 (conveyance in consideration of a debt etc). (Gift transfer).
M: The conveyance or transfer of property by an instrument within section 84(1) of the Finance Act 1985 (death: varying disposition).
* Delete as appropriate * I/We hereby certify that the transaction in respect of which the transfer is made, is one which falls within the category †_____, above.


I'm sure somebody more familiar than me with these forms will have the correct answer.