Discussion
I worked for Willis for a period of time and accrued some shares via Sharesave. The value isn't massive (just into four figures), but I would like to cash them in and have no idea how to do this.
They are just sitting there (on a Computershare account I believe) and I don't have the first idea about tax etc and just want shot. I've even received a small dividend cheque (less than 10 dollars) but being in USD, I cannot cash it.
Any tips would be greatly appreciated. Thanks.
They are just sitting there (on a Computershare account I believe) and I don't have the first idea about tax etc and just want shot. I've even received a small dividend cheque (less than 10 dollars) but being in USD, I cannot cash it.
Any tips would be greatly appreciated. Thanks.
Tahiti said:
I worked for Willis for a period of time and accrued some shares via Sharesave. The value isn't massive (just into four figures), but I would like to cash them in and have no idea how to do this.
They are just sitting there (on a Computershare account I believe) and I don't have the first idea about tax etc and just want shot. I've even received a small dividend cheque (less than 10 dollars) but being in USD, I cannot cash it.
Any tips would be greatly appreciated. Thanks.
Your bank will take a usd cheque and convert and put input in your account, however the fees may cost the value of the cheque. I'm sure the last one I had the fees were about £7 or £8They are just sitting there (on a Computershare account I believe) and I don't have the first idea about tax etc and just want shot. I've even received a small dividend cheque (less than 10 dollars) but being in USD, I cannot cash it.
Any tips would be greatly appreciated. Thanks.
I work for a us company and have an account with the same firm, originally if I cashed shares I could only get a usd cheque which could take up to 4 weeks, now there's the option to receive a Gbp cheque which turns up much faster.
Tax I wouldn't worry unless you use your capital gains tax allowance each year?, that's £10k ish you can make without paying tax, I assume you've paid something for these so therefore the fain is minimal.
If you are a higher rate taxpayer, you will be liable to UK tax on the US dividend received. You will receive a tax credit for any US tax deducted at source on the dividend so only have to pay the balance to HMRC.
If you make a gain on the disposal of the shares, you could be liable to UK Capital Gains Tax (CGT).
However, each year a tax payer has an annual Capital Gains Tax allowance. This is currently £11,000.
If your total gains from all disposals in a given tax year do not exceed the allowance amount, you will have no CGT liability.
If you make a gain on the disposal of the shares, you could be liable to UK Capital Gains Tax (CGT).
However, each year a tax payer has an annual Capital Gains Tax allowance. This is currently £11,000.
If your total gains from all disposals in a given tax year do not exceed the allowance amount, you will have no CGT liability.
swerni said:
Or you can get a wife transfer and have the money in your bank in days.
A wife transfer? 
bit extreme!Certainly on my computershare account wire transfers aren't available, I enquired with them a few years ago and was told It couldn't be done on US to UK movements, maybe it's changed now though.
I'm all for a wife transfer as long as I can control the process...
I understood that the tax was more an implication in the US. In case you're not picking up on this, I am no expert when it comes to foreign shares. I just want rid of them but cannot quite figure the easiest/best process. The shares are held electronically - that's about as much as I understand.
I understood that the tax was more an implication in the US. In case you're not picking up on this, I am no expert when it comes to foreign shares. I just want rid of them but cannot quite figure the easiest/best process. The shares are held electronically - that's about as much as I understand.
I essence without the full details of your share save scheme, time periods etc etc nobody can answer.
However there is a simpler way to look at it, say it's 1k you have, even if you paid nothing for the shares the largest gain you have made is £1k, so as long as in the tax year you sell you don't have another 10k of gains to report there's no tax to pay.
You should be reporting your dividend income to hmrc either on your tax return or by letting them know as you may have some to pay.
So you can just sell them if you want
However there is a simpler way to look at it, say it's 1k you have, even if you paid nothing for the shares the largest gain you have made is £1k, so as long as in the tax year you sell you don't have another 10k of gains to report there's no tax to pay.
You should be reporting your dividend income to hmrc either on your tax return or by letting them know as you may have some to pay.
So you can just sell them if you want
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