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?
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.