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share certificates?
harrys66
Posts: 108 Forumite
Hi,
I'm currently tring to sort out a close relatives finances after they passed away
I have found quite a few share certificates, some very old, some going back to the 80's 90's, BT etc... (around £30-40k total)
I have been asked to cash them in by my relatives aged widow as she wants them "simplified and cashed" - her wishes
What is the procedure here please, do i setup an online account for her with a broker and mail them the certificates ready to sell?
Also some have risen significantly since purchased, will his widow have to do a self assessment to pay the capital gains once sold?
Many thanks
Harry
PS Some of the certificates are in the deceased and some in his widows name
I'm currently tring to sort out a close relatives finances after they passed away
I have found quite a few share certificates, some very old, some going back to the 80's 90's, BT etc... (around £30-40k total)
I have been asked to cash them in by my relatives aged widow as she wants them "simplified and cashed" - her wishes
What is the procedure here please, do i setup an online account for her with a broker and mail them the certificates ready to sell?
Also some have risen significantly since purchased, will his widow have to do a self assessment to pay the capital gains once sold?
Many thanks
Harry
PS Some of the certificates are in the deceased and some in his widows name
0
Comments
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I do not think that the deceased estate has to pay CGT on any gains (to avoid double taxation: IHT and CGT). If the shares are in the name of the widow then they can use their CGT allowance so keep the gains below the allowance by selling some this tax year and some in future tax years.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Given the time of year, it may be prudent to split the sales into two chunks, before and after 5/6 April, to minimise or even eliminate any potential CGT liability....0
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thank you for info, any recommended online brokers please? (will never use them again after the sale)0
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Jarvis Investment Management who run the http://www.x-o.co.uk/ platform are often suggested.
A number of MSE forum regulars use Jarvis X-O for their ISA and SIPP accounts.
They have a specific website for this at http://www.sellmysharecertificates.com/
Alex0 -
I have found quite a few share certificates, some very old, some going back to the 80's 90's, BT etc... (around £30-40k total)
What is the procedure here please, do i setup an online account for her with a broker and mail them the certificates ready to sell?
As has been suggested X-O are good for this sort of thing (the sell my share certificates website charges more - though you may prefer that if it's a one off).
However, before you do this you may just want to contact the Registrars and confirm the share certificates you have are valid.
Many companies (i.e BT) have had capital events/reorganisations which meant existing share certificates became invalid and were replaced with newer ones...0 -
If the certificates are in the deceaseds name the registrar may well require a grant of representation before the shares can be transferred or sold. Has.probate been applied for?0
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thanks all, just the info i needed to get started0
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A close friend and colleague of mine who used to reside in the UK in the 90s has 300 shares in BT . He now resides in India . He has the share certificates dated 2001 and they are registered in his overseas address . He continues to receive dividends to his bank account . He is struggling to sell these shares
1.He contacted Equiniti via e mail and they have declined to accept registration or deal with the shares as he has an overseas address
2. He is unable to contact directly with BT registrars from India
He is desperate to get rid of the shares . Can anyone suggest what his options are ?0 -
One slightly off-the-wall way would be to sell them to someone over here via a stock transfer form - doesn't have to through a stockbroker.
Purchaser would have to pay stamp duty of round about 6 pounds and any selling fees if they choose to sell but the seller could reimburse them for that. Purchaser also responsible for any capital gains between transactions but tax to pay likely to be nil given the amount
Or if seller transfers the shares for nil consideration ie free think there's no stamp duty to pa, purchaser sells the shares and sens seller the proceeds. Needs a bit more trust between the two parties0 -
Thank you for that advice . Sounds a sensible option . Where can one get a share transfer form ?0
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