Jump to content

Selling UK shares


chessie
 Share

Recommended Posts

Bonjour -
As always, asking for help from you clever people.
Won't go into details but we've hit a bit of a financial black-hole; several major things have gone wrong for us all at once ... and I don't want to touch the cash in bank.
Question; we have a lot of shares in one UK company; we've owned these shares, and received the divis - for the last 30 plus years.
Back in 2007 the company did a buy back of shares and re-issue, paid us for the shares that were bought back, paid the UK taxes due, and re-issued new share certificates.
So essentially the number of shares we had owned since 1990 were reduced, new date of ownership now 2007.
We need to sell some of these shares, quite soon - need the cash for major items.

I'm presuming that we'll be able to claim the 65% discount as we have owned these shares since 2007.
In calculating the CGT I'm presuming we use the 2007 figure, and not the value at the date we originally bought the shares ?

We pay tax, obviously, here in France.   We have small income trom UK that is taxed in the UK, and declared here.

Here's the qustion - where do I find a french stock-broker who could sell these shares for us ?
Or would we be best using the Equiniti shares centre in the UK ?

Anyone know about this high-finance wheeling-dealing - 'cos I know nothing !!!

Meanwhile, we're living on bread 'n jam, and I'm turning off all the electric heating !!!!!
Help.

Chessie

Link to comment
Share on other sites

Wish I could help easily but I only use online sites for buying and selling which are not much use in this case.

Whichever, you would need a UK stockbroker who should sell the shares for a small cost. As I have never used one I could not recommend one. ( J P Morgan Securities,, perhaps?)

Dont use the bank though as they are a bunch of bunch of ******* thieves.

Sorry I am not much more use.
Link to comment
Share on other sites

chessie wrote the following post at 31 Jan 2021 16:12:

Won't go into details but we've hit a bit of a financial black-hole; several major things have gone wrong for us all at once ... and I don't want to touch the cash in bank.

We need to sell some of these shares, quite soon - need the cash for major items.

If you have used Equitini in the past then by all means ring them and ask their advice.

Unless you are talking telephone numbers of capital gain in ££ then your problem is not with CG in the UK but declaring the CG on your French tax return, after you have exchanged the ££ for €€ and they are in your French Bank account.

But we will cross that hurdle when we get to you declaring that in 2022 when your gains for 2021 will need to be declared here.

You do have a UK Bank Account ?

Previous answer edited in the light of research.
Link to comment
Share on other sites

Mint - thanks for giving Wooly a nudge for me - that was nice of you.
Wooly - you advise I should use UK stockbroker - so that confirms what I thought (and hope might be possible)..
Loiseau - your link was very helpful - think I'll follow up one of the firms recommended.
Sue - Yes, we used Equinit years ago; but they don't have our details any more.   Love the idea that any french CG can be put off for 18 months - and I'll probably have to ask for help in working it all out when the time comes.   Yes, we both have UK bank accounts.

My one problem with using any organisation in the UK is the 'proof of ID' and all sorts of other documents.  Having been through all that several years when arranging a UK mortgage on a UK property while here in France really did cause me to tear my hair out at one stage, which is why I thought the simplest option would be to visit a french stockbroker or bank.   (Bank - ha ha ha ha - after the comments made I've crossed that option right off my list !!).

The other worry I have is that with Brexit and the UK now a 'third country' - can't help feeling it might not be so easy - which again is why I thought of using French stockbroker.

But you've all given me ideas which I'll follow up.   Wish me luck;  the jam for the bread is now almost all gone..........!!

Chessie

Link to comment
Share on other sites

I was interested in this post because I have a handful of shares in National Grid and Santander. I'd like to sell to make things simpler for my kids when I pop my clogs. I went online to National Grid but was told I couldn't sell online because I don't live in the UK.
Link to comment
Share on other sites

Blodwyn wrote the following post at 02 Feb 2021 17:27:

I was interested in this post because I have a handful of shares in National Grid and Santander. I'd like to sell to make things simpler for my kids when I pop my clogs. I went online to National Grid but was told I couldn't sell online because I don't live in the UK.

Probably not unless you have an existing account with a UK Stockbroker. OH and I have sold shares online but then we have the necessary live account with a UK Stockbroker.
Link to comment
Share on other sites

Blodwyn - I looked on the Equiniti site; I think you might have had a problem with the Nat Grid ones because they appear to fall into a 'special' category.
But as anotherbanana wrote, probably a UK stockbroker might be first port of call - certainly think that will be my route.

I can't do any of this on-line - our shares are still the paper ones, not the electronic ones.
Second problem is having to set up a new account, certainly with Equiniti with all the proofs of ID needed under the money laundering and any other wretched regulations whereby the authorities think we're all criminals !
Just hope Brexit doesn't add further complications.

Many thanks for ideas - always, always gratefully received.
Chessie  
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...