Catch 22 (Financial)

  Chegs ®™ 03:21 15 Sep 2011
Locked

I was left some shares by my Dad which I was told I could transfer into my name,but it would take around six months.I wasn't working at the time so finding the £70 (approx) to have this done was going to take some time.Everything has risen in price and we were finding it harder and harder to save any money at all,so I got a part-time job (no full-time employment possible as I've to take various medications which can send me to sleep) working for friends I've known many years & they allow me to take time off with very little notice.Unfortunately,this meant a hefty cut in income & I'm now worse off working than I was claiming benefits and I'm unable to quit work as this will cause a stop in benefit payments hense the catch 22 title.

Is there a time limit on transfer of the shares as it's already been several years since I was left them?If I've lost them due to the length of time since I was given them,then so be it but if not then I'll just have to find the money to pay for their transfer from somewhere,then sell them quickly(there's only 200 shares from my Dads bank/building society he was given free years ago,but last I looked they were about £8 per share)

  al's left peg 03:32 15 Sep 2011

I don't think there is any time limit on the transfer period Chegs. I believe you will need either the share certificate itself or proof of it, or the actual folio number from when they were first issued.

Sorry I can't be of any more help.

  smokingbeagle 04:10 15 Sep 2011

If you work for less than 16 hours a week, your claim to benefit will not be sanctiond. If your employment is more than 16 / week but the employment period is more than 4 weeks but less than 12 weeks, you can claim it to be Employment on Trial and your claim won't be sanctioned. You could also consider claiming Tax Credits and DLA if that will help you remain in work.

  zzzz999 09:59 17 Sep 2011

Why don't you ask the bank or your lawyer to arrange the transfer and cash the shares and if they will take their fee from the cash recovered from share sale?

  Forum Editor 10:20 17 Sep 2011

As far as I'm aware there is no time limit on the actual transfer of the shares, but you must write to the share registrar to inform them of the death of your father, so they don't issue any further dividend payments in his name.

They will put a marker on the share register to record the fact of his death, and then you'll be sent a form. Normally they require a copy of the death certificate, and a statement from the person to whom the shares are to be transferred, stating that the total value of the estate was below the inheritance tax threshold - if that was the case.

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