Who should I speak to?

Froggitt

Mrs Frog has inherited some shares in an overseas unquoted company. She is wants to know the best way to hold these shares, e.g. in a SIPP or ISA.


Where should she go for advice
- a tax lawyer
- an accountant
- an IFA
- someone else?

Archi_Bald

Unquoted shares can't be held in SIPPs or ISAs.

Aegis

They can feasibly be held in a SIPP, but there are enhanced requirements on the trustees to vet the investment before approving the transaction. That inevitably means using a full SIPP and paying extra for the privilege of buying and holding those unquoted investments. Generally not worth it for anything other than large transactions, likely in the six-figure range.

In all likelihood, an accountant will be needed if you have any questions on the taxation of the company, preferably one who has familiarity with the double tax treaty covering that country. An IFA can discuss the pros and cons of retaining that investment and the structures used to do so. A lawyer might be useful for ensuring that the inheritance tax position of the overseas assets are efficient - only really relevant if the holding is significant.

In short, all three are useful in certain circumstances.

The real question should be whether these shares are suitable for holding or if they should be disposed of and replaced with something less risky than an overseas unquoted company.

Archi_Bald

I stand corrected - I was certain that unlisted shares cannot be held in SIPPs, like they can't be in ISAs. You live an learn.

Aegis

Archi_Bald wrote: »

I stand corrected - I was certain that unlisted shares cannot be held in SIPPs, like they can't be in ISAs. You live an learn.

In the majority of cases you're exactly right, but it's due to the difficulties of showing that the ownership is at arm's length and no direct benefit of share ownership is conferred to the SIPP beneficiary rather than due to the actually premise being against legislation.