Advice re selling shares.

M

Molli

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A family member has inherited some shares recently. She will need to sell off a portion to pay inheritance tax. None of us know a thing about share dealing. Where is the best place to go for advice or to sell some of these shares. Is selling them a long drawn out process? Any advice please would be appreciated.
 
I buy & sell shares as part of a work scheme. The company which I use to manage my share portfolio is Computershare which I find very good. My company pays for the use of Computershare as part of the share scheme so I'm not sure how much it costs to manage a portfolio.
I would recommend contacting them. Alternatively I would also suggest looking at the share certificate which would have been attained as part of the inheritance as the company managing the share portfolio would be on it. You could contact them for advice. Different companies/share portfolios have different rules so it difficult to advise on selling. I for example to achieve maximum tax efficiency need to keep my shares for a minimum of 3 years before selling. If I sell before it's subject to paye which is a significant chunk. Selling shares before or after the 3 years is subject to prsi and USC. Regarding timing, if I advise Computershare to sell today I receive the money within a week but again you would need to confirm this is the same.
 
Forgot to add, capital gains tax has to be paid on any profit made between buying & selling so discuss this to ensure you maximise your profits. For example it may be worth selling some this year & others next year to minimise your tax bill instead of selling all together. You should request advice on this too.
 
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