Transfer of Shares in Friends Name

[Paddytheman]

Several years ago I purchased approx. €20,000 in shares with my friend, as he had an account they are all in his name. While I wanted to transfer them into my name for the past couple of years we were afraid the drop in price would lead to me paying unwarranted gains tax when I eventually sell them.
As he previously received shares from his company and in turn sold them he is also wary of holding my shares until I wish to sell as he will probably get hit for gains tax.

As the shares have risen by almost 30% in the past few weeks and are approaching my buy in price I feel the time is right to sort out this situation but having spoken to a broker yesterday he advised me that we should sell them then buy back in with my money. He quoted me 1.5% but stated I would have to pay another .5% as we would require an American agent to purchase them back on my behalf. Am I also liable for the same percentage when initially selling, therefore leading to almost 4 % in total??

Any advice on best practice would be much appreciated?

Thanks in advance.

 

[T McGibney]

having spoken to a broker yesterday he advised me that we should sell them then buy back in with my money. He quoted me 1.5% but stated I would have to pay another .5% as we would require an American agent to purchase them back on my behalf. Am I also liable for the same percentage when initially selling, therefore leading to almost 4 % in total??

Any advice on best practice would be much appreciated?

My advice: never take advice from a stockbroker. Needless transactions cost you money but make them money. Make your own arrangements with your friend.

 

[Brendan Burgess]

I think it will be difficult to transfer shares in an American company without a stockbroker being involved.

You would have to contact the company to see if they can do the transfer for you.

But don't let this hassle cause to defer doing anything. Sort the problem out now for once and for all.

Brendan