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  • FIRST POST
    • pepper77
    • By pepper77 11th Apr 18, 6:28 PM
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    pepper77
    Lloyds bank shares.
    • #1
    • 11th Apr 18, 6:28 PM
    Lloyds bank shares. 11th Apr 18 at 6:28 PM
    An elderly friend has a couple of hundred quids worth of Lloyds bank shares certificates.
    Can I just give him 67p per share and use a stock transfer form?

    Thanks in advance.
Page 1
    • bowlhead99
    • By bowlhead99 11th Apr 18, 7:33 PM
    • 8,311 Posts
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    bowlhead99
    • #2
    • 11th Apr 18, 7:33 PM
    • #2
    • 11th Apr 18, 7:33 PM
    If the price you pay him is under 1k, whatever they are actually worth, you don't need to get the transfer form stamped for SDRT, so you can just get it properly filled out and signed and sent off to the registrar to get the new certificate in your name.

    Caveat: If he's okay with that 67p price of course...

    The moneysavingexpert thing to do is maybe to point out that he doesn't really want or need them or the few quid of dividends every year, and you know that he can't really be bothered with the time and expense of dealing with a stockbroker to sell them on the open market to get the cash. If he doesn't sell them to you, he or his eventual heirs will have to deal with selling them on the stock market - unless his heirs happen to be particularly passionate about keeping hold of a token amount of Lloyds shares forever instead of the equivalent cash value.

    Particularly if he were to pop his clogs and leave them to an heir, it's just bequeathing a headache to that person or the executor - because in order to sell, they not only have to prove via original or certified documentation that the shares now belong to them through probate or administration, they also have to set up a relationship with a stockbroker and pay transaction fees to dispose of them.

    If you do want the shares (presumably to add to other Lloyds shares you own or will buy in due course), I reckon if you paid him 60p a share and also paid for the envelope and postage to get them to the registrar, would be a win-win for both of you.
    • pepper77
    • By pepper77 11th Apr 18, 9:07 PM
    • 2,666 Posts
    • 7,607 Thanks
    pepper77
    • #3
    • 11th Apr 18, 9:07 PM
    • #3
    • 11th Apr 18, 9:07 PM
    If the price you pay him is under 1k, whatever they are actually worth, you don't need to get the transfer form stamped for SDRT, so you can just get it properly filled out and signed and sent off to the registrar to get the new certificate in your name.

    Caveat: If he's okay with that 67p price of course...

    The moneysavingexpert thing to do is maybe to point out that he doesn't really want or need them or the few quid of dividends every year, and you know that he can't really be bothered with the time and expense of dealing with a stockbroker to sell them on the open market to get the cash. If he doesn't sell them to you, he or his eventual heirs will have to deal with selling them on the stock market - unless his heirs happen to be particularly passionate about keeping hold of a token amount of Lloyds shares forever instead of the equivalent cash value.

    Particularly if he were to pop his clogs and leave them to an heir, it's just bequeathing a headache to that person or the executor - because in order to sell, they not only have to prove via original or certified documentation that the shares now belong to them through probate or administration, they also have to set up a relationship with a stockbroker and pay transaction fees to dispose of them.

    If you do want the shares (presumably to add to other Lloyds shares you own or will buy in due course), I reckon if you paid him 60p a share and also paid for the envelope and postage to get them to the registrar, would be a win-win for both of you.
    Originally posted by bowlhead99
    He's 93, his daughter is trying to tidy up before he snuffs it.
    Thanks for your help.
    • bowlhead99
    • By bowlhead99 11th Apr 18, 9:37 PM
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    bowlhead99
    • #4
    • 11th Apr 18, 9:37 PM
    • #4
    • 11th Apr 18, 9:37 PM
    Ah in that case call it 55p

    https://www.gov.uk/guidance/stamp-duty-on-shares#share-transfers-valued-at-1000-or-less

    If in doubt just call the registrar for Lloyds (on the website for Lloyds banking group rather than the online banking website) and they'll send you out a transfer form and tell you how to do it.
    Last edited by bowlhead99; 11-04-2018 at 9:40 PM.
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