Transfer shares from US to UK

pastaUK

Hi -

i have some US shares which I bought via ESPP/ received via RSU (vested) and they are with Morgan Stanley employee brokerage. I was told that I can't add my partner's name in the US brokerage account. So I am looking to transfer them to UK in a joint account to sell to take the avantange of cgt allowance. I know the question was asked before but appreciate if you can share the latest view...

1. Am i right that if I tranfer to a joint accout and sell, me and my partner own 50/50 so we can double the allowance?

2. I would like to sell in US dollar (so no conversion to GBP by brokerage - but I'll convert via other bank like revolut etc), what UK brokerage options are out there? Looks like Fineco is an option but they are not sure if they can accept the shares without knowing the "ISIN"... I called morgan stanley and they are not able to help, and said to open the account and get the DTC and go ahead.. but if the receiving end is not sure, what happen when MS transfer the share?

3. Also looked at Halifax but it looks like they will convert all in GBP? II is charging a monthly management fee so it's not something I'm looking for, I wont be actively trading at all but just looking to sell and likely putting the money in ISA..

appreciate any recommendation of brokerage for this kind of transfer..!

Many thanks

wmb194

pastaUK said:

Hi -

i have some US shares which I bought via ESPP/ received via RSU (vested) and they are with Morgan Stanley employee brokerage. I was told that I can't add my partner's name in the US brokerage account. So I am looking to transfer them to UK in a joint account to sell to take the avantange of cgt allowance. I know the question was asked before but appreciate if you can share the latest view...

1. Am i right that if I tranfer to a joint accout and sell, me and my partner own 50/50 so we can double the allowance?

2. I would like to sell in US dollar (so no conversion to GBP by brokerage - but I'll convert via other bank like revolut etc), what UK brokerage options are out there? Looks like Fineco is an option but they are not sure if they can accept the shares without knowing the "ISIN"... I called morgan stanley and they are not able to help, and said to open the account and get the DTC and go ahead.. but if the receiving end is not sure, what happen when MS transfer the share?

3. Also looked at Halifax but it looks like they will convert all in GBP? II is charging a monthly management fee so it's not something I'm looking for, I wont be actively trading at all but just looking to sell and likely putting the money in ISA..

appreciate any recommendation of brokerage for this kind of transfer..!

Many thanks

If ii can do it relatively painlessly you could do it, sell and then close the account.

Finding the ISIN shouldn't be difficult e.g., Morningstar's website shows them.

https://tools.morningstar.co.uk/uk/stockreport/default.aspx?SecurityToken=0P000003MH%5D3%5D0%5DE0WWE%24%24ALL

pastaUK

I thought there might be different ISINs for different types of shares? e.g. for the one which can be traded in market you can get the ISIN in public website (like above morningstar for MSFT), then the vested RSU you have others ISIN (I doubt but Fineco asked so I thought there might be reason...?)...  I provided the 4 letters company trading code but Fineco wanted the ISIN...

I would look to to hold the US account until i sell all shares progressively to take advantage of the cgt allowance - so not keen to pay the monthly mangement fee in ii.. thx.

wmb194

pastaUK said:

I thought there might be different ISINs for different types of shares? e.g. for the one which can be traded in market you can get the ISIN in public website (like above morningstar for MSFT), then the vested RSU you have others ISIN (I doubt but Fineco asked so I thought there might be reason...?)...  I provided the 4 letters company trading code but Fineco wanted the ISIN...

I would look to to hold the US account until i sell all shares progressively to take advantage of the cgt allowance - so not keen to pay the monthly mangement fee in ii.. thx.

The whole point of an ISIN is that it's a unique identifier. Ticker codes can sometimes be duplicated across markets e.g., BMY in the US is a different company from BMY in London and even in the US there can be inconsistencies in the tickers between brokers e.g., with preference shares so it doesn't surprise me they want the exact code.

You might need to exercise them so you have the actual shares before you can transfer them, I don't know the ins and outs of RSUs (Restricted Stock Unit). If what you've told ii hasn't phased them I'd consider sucking up the fee.

sausage_time

Can you open a joint account with another US broker then transfer/DTC them over?  For example, I have a joint account with Schwab, and I transfer my ESPP and RSUs that land in my company nominated broker to Schwab.  Does not cost anything, and there are of course obvious CGT and dividend split advantages.

pastaUK

wbm194: the RSU are actual shares I believe.. those were vested a few years back. Thank you for the info on ISIN! learned something!

Sausage_time: thank you for the reply! yes i moved onto looking at Schwab after my call with Fineco. I think it is the international account (?) that I would need, if i want to avoid the USD-GDP conversion..will give them a ring tomorrow to check.

sausage_time

Hi @pastaUK - we have a joint Schwab One International account.  It's based in the US (was actually a previous US employer's ESPP/RSU account) but I kept it on.  I have heard of others opening one with the UK office.