selling shares

kmr571

Not too sure if this is the correct forum to use but will try !. I am the executor on my mothers estate with my brother and sister having power reserve. We have decided to sell the shares that my mother had, which are still in her name, though I do have an executors account for her estate. Can anybody advise the best way to go about selling the shares (about £60,000 in value). Is there any annual limit on share selling. I am afraid I am completely in the dark over this ! Thanks for any help

Gertie_Walker

Were the shares left to named people in the will, or did she just leave cash to the beneficiaires?

Nosht

As long as you have the Share Certificates its probably better to sell them through a bank but this can be pricey.
Shop about if you have time & ask their charges.

N.

ceeforcat

Try these - I used them when winding up an estate with lots of small shareholdings. Very reasonable execution only service. I intend to provide no advice by this recommendation - just my own personal experience.

http://www.thisismoney.co.uk/buy-and-sell-shares-investing

chrismac1

A good cheap execution only service like the one mentioned is good. personally I use Hargreaves Lansdown with TD Waterhouse as backup and can recommend both. BUT consider Capital Gains Tax first. Each person has 10,100 limit and I'm not totally sure of the limits in this case, I suggest you get specific advice from a local accountant on this.

What I can say is that you are taxed on the GAIN not the value, so for example:

Proceeds 60,000
Selling costs -50
Original cost -30,000
Buying cost -50
Stamp duty 0.5% -150

Taxable gain 29,750

If your mother has held these shares for a long time - if she bought them before Mar 1982 - things can be a bit more complex than this.

Pennywise

There won't be any capital gains tax -upon her death, the share value is "uplifted" to current value with no CGT. You'll inherit them at market value and only if they've substantially gone up in value since death will the beneficiaries have any CGT.

chrismac1

sry missed that - do not post on this site after a couple of beers!

John_Pierpoint

Any InHeritance Tax involved in this estate?

How much has the value of the portfolio of shares gone up or down since the date of death?

Do the beneficiaries have other asset sales that could have used up their £10100 nil rate CGT band for this year?

How have you calculated the date of death valuations.