Can I transfer shares from father to daughter?

lswwong

Peeps!

I would appreciate your help/advice and please be gentle ..... thank you in advance.

My father would like to give me shares in a UK bank as a gift. (NB these shares are normally tradable on exchange - it is a FTSE 100 share.)

I have checked HM Revenue & Customs' website and they say:

"Q. I want to give someone my shares, what do I do?

A. You need to get a stock transfer form and fill in your name as "transferor" and their name as "transferee". You should put "gift" or "nil" in the box, which asks how much consideration, was paid.

You will then need to complete the back of the form showing that it is exempt under category L.

Q. What do I do with the stock transfer form once it has been completed?

A. You should send it, together with the share certificate to the Registrar of the company in which the shares are held you will find their address on the share certificate."

On the face of it, this transfer might be exempt from Stamp Duty.

Has anyone done anything similar please? If yes, what was your experience please?

I vaguely recall needing to send the Stock Transfer Form to the "Manchester Stamp Office" first for a red "stamp" to certify that the transfer is exempt from Stamp Duty. Once you get the stamped transfer form back, then you can send same and the share certificate(s) to the Registrar (in this case, Computershare) to request the transfer. Hmmm .... the HMRC site made on mention of this. I am a bit unsure.

Please would anyone has any advice to share?

Many thanks in advance

Regards,
Lou

cheerfulcat

Yes, I've done it - there's nothing to it. Just fill in the form and send it to the registrars. Here's the transfer form and notes to help complete it.

lswwong

Thanks Cheerfulcat! Nice to see you here again Hope all is well.