Transferring UK shares from one stockbroker to another

tg99

Hi,

I have some shares in a UK FTSE 100 company that I want to move from my current stockbroker to another. Am awaiting confirmation that there are no broker-specific charges at either end to do this but also wanted to see if anyone else has done this and whether there were any other charges / points to consider I should be aware of?

I do not believe the transfer should give rise to any capital gains tax or stamp duty as it is simply a transfer of the shares in my name and there is no sale and repurchase at the new broker.(These shares not held within a tax wrapper such as an ISA etc.)

Thks

Generali

tg99 wrote: »

Hi,

I have some shares in a UK FTSE 100 company that I want to move from my current stockbroker to another. Am awaiting confirmation that there are no broker-specific charges at either end to do this but also wanted to see if anyone else has done this and whether there were any other charges / points to consider I should be aware of?

I do not believe the transfer should give rise to any capital gains tax or stamp duty as it is simply a transfer of the shares in my name and there is no sale and repurchase at the new broker.(These shares not held within a tax wrapper such as an ISA etc.)

Thks

There will probably be a small admin charge: the registrar will need to amend records and the shares will probably need to be 'crossed' in the market which will give rise to market fees (I'm not up on CREST settlement any more). People will need to do some work and, not unreasonably, will want paying. The cost should be trivial though. A tenner or something.

masonic

You are correct that a transfer as stock will not involve CGT or stamp duty, but these in specie transfers can be expensive (for example £25 per holding is a common fee). It can also take several weeks during which time you will be unable to trade the holding.