A & B are a married couple. Both own unlisted shares in a relative’s major transport and warehousing business, the shares having been gifted them many years ago. Neither A nor B have anything to do with the business.
(1) A dies leaving his/her shares to B. These shares are now in the wrong name. Does this require a solicitor to change the name? If so, is that something B pays for, or the firm? If B, any idea of what that might cost? £500? £500-£1000? £1000-£2000?
(2) I don’t think that, apart from any tax due on any recent dividends on those inherited shares, that there are any further tax implications. Is that right?
(3) Next B dies, leaving the shares to the surviving children. The shares need to be valued. Who pays for the valuation? If B’s estate pays, what might such a valuation cost? I imagine it might be a considerable figure.
(4) Once the shares have been valued there will be tax to pay. The shares have just passed from parent to children. Does just IHT apply, or both IHT and CGT? An explanation of how the tax calculations go would be helpful.
(5) Is it foolish to hang on to the shares until both partners have died?
(6) At present both partners are still alive in their 70s and there is a possibility of buying more shares. What are the pros and cons of buying more shares?
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