Power of Attorney Case in Hong Kong Recently, we had a case where an Executor was acting under a standard general UK Power of Attorney and the Hong Kong Probate Registry took the view that it was ineffective to cover the reseal and transfer of the shares in Hong Kong. A new Power of Attorney had to be executed. In …
Share Data is 20. Thank You for Your Continued Support!
This month my team is delighted to be celebrating Share Data’s 20th year in business. Since our launch in 1995, Share Data has worked hard to cement our reputation as a valued resource for the detailed valuation of stocks, shares and funds and other related services. Today our services cover both UK and foreign holdings. They are mainly used for probate, inheritance tax …
Grant of Probate in the Philippines
Are you trying to reseal a Grant of Probate in the Philippines? The procedures to get a grant of probate resealed in the Philippines are time consuming requiring at least three Court appearances and the legal costs are enormous. We have been quoted a fee of US$23,000 on a US$92,000 valuation; a quarter of the value. We therefore advise that …
ShareGift
Do you know about ShareGift? It is common for shares in US Companies to be issued as a percentage of a share such as 6.738 shares. In such cases, as the stock brokers and the market as a whole can only deal in complete shares, there is always the problem of the part of the share remaining (i.e. the 0.738 …
Small Shareholdings in Hong Kong
Recovering small shareholdings is becoming very expensive and uneconomic. In a recent case we have been able to have such small shareholdings donated to a local Hong Kong Children’s Charity, and so not all is lost. We do however strongly advise that if your client has shares in Hong Kong Companies your client transfers them into a Broker’s Nominee System. …
Missing Shares Certificates
Do You Have Any Missing Shares Certificates? You should note that if any share certificate was issued and it has been lost, then the share registrars will need an indemnity from you based upon the value of the shares. You will have to pay an insurance premium to the share registrars (or their nominated insurer/ indemnifier) which may be in …
In direct contact with the US Share registrars
Are You Dealing Directly with US Share Registrars? If you are dealing directly with the share registrars in the USA, you may care to note that on many occasions they have a time limit within which the Certified Copy of the Probate/Confirmation must be dated – usually somewhere between 45-60 days before being submitted to the US Registrars. …
US Shareholdings in excess of US $60,000
Do You Own US Shareholdings in Excess of US $60,000? The rise in the US stock market since 2009 has resulted in many estates having US shareholdings which exceed the limit of US $60,000 and this entails the filing of Form 706-NA and other related Forms. This ensures that the US IRS recovers US Estate Taxes when due, but underthe US/UK Double …
Transferring Zimbabwean Shares
Thinking of transfering Zimbabwean shares? By experience we know that it is currently impossible to transfer Zimbabwean shares to an executor or beneficiaries. We therefore advise clients to again have all the shares owned through a foreign corporation. The only course of action at this time is to write off the shares and take a tax deduction; knowing that if …
Book Entry Shares
Book Entry Shares Notice If the shares are what is known as “book-entry” shares, i.e. they are held in electronic form, then a dividend statement will be sufficient for our purposes or a “Direct Registration Statement” (sometimes simply called a “DRS Statement”). These DRS Statements are usually issued by the Company’s share registrars every 6 months, and so the most …
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