What is the process/cost for selling shares?

satokibibecky

Hi there,

I inherited some money during my childhood which a family member invested in shares for me. These shares now have a value of approximately £19k (checked today via the online platform through which the investment is managed) 20 years since they were purchased. The family member who invested these for me was a financial adviser and has sadly passed away recently.

I am very confused about how I translate this money into cash; I must admit I am totally clueless and googling it isn't returning anything I understand. If I were to sell them would I receive the full £19k or would I have to pay fees to sell them and then tax to cash them in? Is there a possibility no one would want to buy them? (I don't know if that's a stupid question but presumably you need a buyer...!) If so, approximately how much would selling them cost and how much could I expect to get as an end product? I am doing some future planning and I want to be clear in my head how much I have in savings. I work full time and am basic rate tax payer (20%).

If anyone could shed any light, I'd be most grateful.

Many thanks!

Eco_Miser

They are on an online platform, so all you need do is log in and find the part that lets you sell. If you say which platform, someone can probably talk you through it.

There is a small fee (£5 - £25ish depending on platform - read the stuff on the platform) and you may need to pay Capital Gains Tax if (and only if) the increase in value between when the shares were bought and when you sell them is bigger than the CGT allowance (about £11800 this year). You can avoid this tax by not selling so much in a single year that the gain is bigger than the allowance.

If they're valued at £19k today, there's someone willing to pay £19k for them, give or take a bit - the price varies constantly as new bargains are struck.

satokibibecky

Hi there,

Thank you so much for taking the time to reply; this is really reassuring and helpful.

Thanks again!