Changing a single shareholder account to a joint account

[jinty]

Hi

I have a number of shares that are held in my name but belong to my sister. How difficult is it to add my sister's name to my account? Are there any stamp duty or other fees attached?

Thanks.

Jinty.

 

[ClubMan]

I have a number of shares that are held in my name but belong to my sister.

Why is this? This could give rise to unwanted tax issues for you as Revenue may (not unreasonably) assume that you are the beneficial owner since you are the named sharehodler.

How difficult is it to add my sister's name to my account? Are there any stamp duty or other fees attached?

Do you mean add her name the the broker account or add her name to the shares? The latter will most likely involved stamp duty of 0.5% (half the normal rate due to consanguinity relief), an administrative fee and may well trigger potential tax liabilities (e.g. CGT, gift tax etc.).

 

[jinty]

Hi Clubman,

The reason for it is that I already had an account in my own name and we then bought some between us. It's only worth a couple of grand - we're not talking millions here. It just didn't seem to make sense to have 2 accounts. I have the bank statements to prove that my sister tranferred the money to me. Does this answer that question? It may not make a lot of sense and I suppose that is down to inexperience.

I do not hold the shares but have a nominee account. I would want to add her name to the account so that she would own half the shares. At what stage does stamp duty kick in? I don't think we are at that point. What is consanguinity relief?

Thanks.
Jinty.