UK certificated shares

[Interested_Party]

Hi,
I've searched and I can't find any previous postings. But if I've missed one I apologise.
I have several very very small certificated holdings of UK shares. Only a few hundred ££££
Every year at tax time I'm driven totally nuts dealing with them.
I've tried over and over again to find a share trading service in the UK that will deal with me as a NZ resident. But I have failed.
I have always assumed it would cost a small mortgage to sell these in NZ. Does anyone know who would be the cheapest broker in NZ to sell?
FYI, I buy NZ shares through ASB. But it's my UK certificated shares I need to deal with. The amount of work I have to do to administer these shares is stupid.
I don't want to donate them to charity.
HELP!
Thanks
Interested_Party

[PLYNCH]

Hi I Maybe interested in buying them.Send me a P.M.

[Crow]

Not 100% but try http://www.selftrade.co.uk

[sonny n share]

I think you can sell them via asbsecurities. Just send them the certificate. If you don't have the certificate then you have to pay the share registry for a replacement one.
Good luck.

[SilverBack]

I have sold certificated UK shares through ANZ Securities in the past, including small lots. Brokerage is high though.

[hardt]

I have sold certificated UK shares through ANZ Securities in the past, including small lots. Brokerage is high though.

Don't ANZ charge a monthly fee as well?

I used to use ANZ for LSE/NASDAQ, have since moved to Halifax for overseas holdings - far cheaper with a much more in depth platform.

[Joshwnz]

Why are you having trouble at tax time? Sounds like you would be under the $50k FIF threshold?

[777]

Why are you having trouble at tax time? Sounds like you would be under the $50k FIF threshold?

You still have to declare any income the holdings make.

[SilverBack]

Don't ANZ charge a monthly fee as well?

I used to use ANZ for LSE/NASDAQ, have since moved to Halifax for overseas holdings - far cheaper with a much more in depth platform.


You will only be charged a monthly if you use their custodial service. Ditto for ASB Securities. In my case, I held the certificates and so had to send them in to the broker. This avoids fees but does prevent a quick sale. We are only talking sells here. I had the certificates from earlier UK dealings before all the money laundering rules came in that blocked me dealing direct with UK brokers. I was registered with SelfTrade but they cancelled my account when they abandoned all existing overseas customers. This was some time ago and so perhaps they have changed their policy since then. If so, then I would expect a slow and difficult process to open an account and you will probably need a UK bank acccount as well.

[SilverBack]

I have made enquiries with Halifax where I opened an account last year about selling UK certificated holdings that I have in hand and it was not something they normally do but said they would look into it if I wanted to do so (which I have not done).

[SilverBack]

You still have to declare any income the holdings make.

Same rules as for any shares. Depends whether you bought them as an investment or for trading. Any dividends are taxable in either case and possibly bonus share issues, depending on the details of the issue. The UNfair dividend tax rule applies to capital gain/loss at end of year unless your total foreign investments are under $50K, excluding most (but not all) AUS listed companies.

[peat]

We (Equity Investment Advisers) are working towards a process that will assist NZ'ers to divest US/UK holdings - but dont have one yet
I will update this thread with any useful developments.

[BeeBop]

We have had an account with TD Waterhouse International for around 17 years. We opened it when we lived in Asia, used it when we lived in NZ, and now use it extensively as we live outside of NZ again. When we were in NZ, our holdings were low but we merely provided documentation/statement of holdings at tax time (below the threshold). An account with TD will cost you around 20GBP per quarter provided you make one buy or sell per quarter. Entry into funds is "free" provided you hold for one year. HOWEVER, they have just sold their business to Interative Investor (will be second hand change since we have been with them), so maybe charges will change. Very easy to deal with other than checks for laundering - currently based out of Luxembourg. You may like to see if you can transfer your holdings into that platform and maintain them.

[777]

Same rules as for any shares. Depends whether you bought them as an investment or for trading. Any dividends are taxable in either case and possibly bonus share issues, depending on the details of the issue. The UNfair dividend tax rule applies to capital gain/loss at end of year unless your total foreign investments are under $50K, excluding most (but not all) AUS listed companies.

Not unfair at all. I pay a lot less tax under the FDR than I did with taxing of Australian Funds distribution because of their high distribution rate. Long may it last.

My point in my post was that the original poster still has to go through the hassle of declaring small amounts as dividends and it is a pain in the butt so easier to get rid of them. I am with him on that.

[SilverBack]

In effect the FDR is a capital gains tax. It applies whether the overseas company pays a dividend or not. If a dividend is paid then this is still taxed separately as income. If you quit your Aussie fund and buy AUS shares instead then you can avoid this tax (but still pay tax on dividends, less any witholding tax applied in AUS).

[777]

In effect the FDR is a capital gains tax. It applies whether the overseas company pays a dividend or not. If a dividend is paid then this is still taxed separately as income. If you quit your Aussie fund and buy AUS shares instead then you can avoid this tax (but still pay tax on dividends, less any witholding tax applied in AUS).


Not so. The dividend/distribution is included in the 5%. It is not additional to it. And the if the difference in value year on year pus the distribution is less than 5% then you pay tax on the lesser amount by the CV method. Me thinks you need to update yourself.

[SilverBack]

Will do. I have kept under the limit thus far and so exempt.

[sb9]

We (Equity Investment Advisers) are working towards a process that will assist NZ'ers to divest US/UK holdings - but dont have one yet
I will update this thread with any useful developments.

Thanks for that Peat, have a very small (less than 200) holding in Vodafone UK which my wife got when she worked there as part of employee share plan.

Tried to sell through ASB Sec, the amount of fees and other costs they've indicated meant we'll have nothing left after all that.

Let us know when this service is available through you guys.

[Interested_Party]

We (Equity Investment Advisers) are working towards a process that will assist NZ'ers to divest US/UK holdings - but dont have one yet
I will update this thread with any useful developments.

Thanks Peat! It would appear that I stuck my head in the sand for another year. Did you come up with a process for this??? I'm hoping so. Also someone else asked me if I was over the $50K. I'm definitely over that and pay FIF tax. It's the ridiculously small stuff I want to get rid of.

[peat]

Thanks Peat! It would appear that I stuck my head in the sand for another year. Did you come up with a process for this??? I'm hoping so. Also someone else asked me if I was over the $50K. I'm definitely over that and pay FIF tax. It's the ridiculously small stuff I want to get rid of.

I've sent you a PM IP.

[BeeBop]

Thanks for that Peat, have a very small (less than 200) holding in Vodafone UK which my wife got when she worked there as part of employee share plan.

Tried to sell through ASB Sec, the amount of fees and other costs they've indicated meant we'll have nothing left after all that.

Let us know when this service is available through you guys.

200 Vod shares is a very small holding - today not worth much more than GBP300 (if on the LSE). You could open an international account e.g. Internaxx.com (there is another recommended one but I have forgotten its name). The fees wouldn't be that great - I just don't know how you get them to hold your shares for you i.e. the cost of transferring them. Or, if your wife has citizenship in the UK, she should/may still be able to access even lower cost platforms.

I sold my VOD holding recently as it is just performing so badly....put the cash into a dip on one of other stocks and recovered my VOD loss in 3 weeks. Over VOD now!