Selling US Shares - TAx and medallion Guarantee

geoff-288

Thanks to working for a US Company (in the UK of course), I have a moderate amount of shares lodged acquired through a company scheme which must be recognised because my monthly share purchases were tax exempt. The shares are lodged with a US Stockbroker - Computershare.
Short of calling a US number, I can only get bland information from Computershar.

I've already spent a couple of months getting a W-8BEN (Certificate of Foreign Status for Tax Withholding) and I have tried to get my shares transferred to a UK based stockbroker. This has failed because Computershare want a Medallion Signature Guarantee and my UK Stockbroker can't accept shares that need this guarantee.
I cannot find much meaningful, succint information on this type of scenario. So I've got a few questions I hope someone can clear up for me ....
I have the ability to sell my shares online whenever I choose.

If I sell my shares

a) Will I pay any tax in the US, and will I be liable for CGT ?
b) will I need to provide the Medallion Signature Guarantee to Computershare before they transfer the money to me
c) Do I need the Guarantee in place before selling the shares


I can only find two UK providers of the guarantee !

Kevin_B_2

Hi geoff-228,

I am much in the same position as you, although I just want to sell my shares! My US shares were previously held by a company in the US by BNY Mellon until they passed them over to Computershare (US), now other than receiving dividend cheques there is not much else I can do! Although there is a 'Sell' button it justs flashes up Sales are not allowed for this account holding. I have tried contacting via phone, they hung up on me twice before I was told I would have to appoint a broker to sell (never had this issue with Mellon).
I have spoken to a UK broker but as I dont have a paper certificate it would prove difficult and expensive.
Computershare UK the only Tel no I have found is permanatly engaged!

I know this info is not much use to you but have you had any sucess in the meantime? This is driving me up the wall!!!

Joseph24

There are some companies here in the Uk who offer to get Medallion Guarantees for you; at a price. Sharedata is one. I found it by googling; there is also a firm of Bournmouth solicitors. Unfortunately at the moment Kemark who provide the guarantees in the states for non-US citizens have stopped doing this. If you are in the US, I believe it is relatively easy to obtain these, but it doesnt help you over here. I came onto this forum to try to get advice on how to proceed too!

So Sharedata currently have my money for this transaction, loads of documents and although I initiated all this in september, I am no further forward, tho Sharedata have offered to return everything. As an executor I have to try to transfer the shares into my name in order to sell them for the benficiaries. Nightmare is the word that comes tomind and if anyone can suggest what to do I would be grateful