Can I hold shares of a British Company whilst living in Canada as a PR
 

I hope someone can help. My father passed away in October 2012. This morning I had an email from the solicitor handling his estate. She said that as I am not resident of the UK, I was unable to own shares in a UK company and she suggested the shares should be sold back into the estate and I would be given the cash instead.

This would not be a problem normally but the shares gained 40% in a year and I was hoping that these would give me an investment.

If someone can shed any light on this subject I would be grateful.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

that does seem a rather bizarre notion. I'm sure somebody who knows better will be along in a minute, but why on earth would a foreign resident not be able to own shares in a UK company?

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Seems odd to me too. And I'm interested enough to go google.

On the other hand, could it be a misunderstanding/misinterpretation? My sister & I are settling my mother's estate in the UK, & it involves liquidating all assets (shares, property, bank accounts etc) into an "estate account" then dispersing it to heirs.

I'm sure there'll be an answer here soon; if not, & if you wish, I can copy your question to my UK uncle (solicitor) who advises us.

SB

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

I know loads of Canadian residents that own shares in UK companies.

If this is a private company there may be a restriction placed on foreign ownership in the memorandum and articles. Ask the brief for chapter and verse on the rules so you can check for yourself.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Could this be concerned with the terms of will? If your father left the shares to you and stated so specifically in his will, I can't see the problem. But if he said "my sprog gets x% of my total assets and my cat gets y% etc.) then I think the executors have to cash everything out before distributing the assets.

No expert.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Me neither. However, that's what I'm thinking too. AFAI can see, residency doesn't enter the equation.

To the OP, having helped my parents through execution of my grandparents' estate, & working on current execution of my mother's, may I suggest not taking solicitors' word as gospel. Even the good ones get mixed up when overseas heirs are involved.

The gov.uk site has a good section on probate, as does the CAB.

Shout if you need more help. I know it's not an easy experience.

SB

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

The solicitor is incorrect. You can quite legally hold shares if you are non-resident.

http://money.stackexchange.com/quest...f-uk-companies

Nor does an executor have to cash out shares/stocks etc., they notify the companies and send a copy of the death certificate and grant of probate (if they have obtained one) then they do a simple transfer. I was the executor for my Father's will and he left his estate in equal proportions between his 4 adult children with small bequests to grandchildren - I divided the shares and any 'excess' over an equal division was sold and distributed in cash.
:)

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

My thoughts exactly!

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Thank you, if you don't mind asking your Uncle I would really appreciate it. Everything else apart from the shares has been put back into the estate, bank account, house etc. it was decided that because the shares had given a good return to keep them and just divvy them out accordingly. I really can't help thinking I'm being taken for a ride here.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

I'm a foreign resident working for a Canadian company which is a subsidiary of a UK PLC. I'm enrolled in the sharesave scheme for said UK PLC. I don't imagine that opportunity would be offered to us Canucksatians if it were illegal.;)

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Interesting, thanks, I'll do that. I've requested the solicitor not to make any decisions until I've looked into it. She'd better not. I can't help feeling I've been hard done by due to the distance from the UK... Out of sight, out of ...etc etc

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Very good point, me neither!

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Thanks for for the site and offer of help, I really appreciate it.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

Thanks, I might just send that link to the solicitor.

Re: Can I hold shares of a British Company whilst living in Canada as a PR
 

I have shares and a share ISA still in the UK.

Ownership is fine but I know when I sell the shares I'll possibly get stung for capital gains in the UK. Bare that in mind when looking at share value growth.

On the ISA I think I'm fine to just cash out and move the money when the time is right. I will however have to pay tax in Canada on the exchange rate changes from landing to date of sale. Obviously as a resident in Canada I have not been able to add to the fund since immigration.