Stock transfers can be done digitally via the platform for customers on our Guided plan.
If you are on our Guided plan, you will be able to use the platform to transfer shares. This article will walk you through both: creating a new stock transfer, and recording one that has already occurred off-platform.
First, log onto the platform and go to 'Share capital' > 'Stock transfers':
This will take you to the Stock Transfers page where you will see a list of Transfers, if you have already done some through the platform, and "Create new transfer" button on the top right. Click this to go to the transfer details page.
When you land on the transfer details page, if the shares are being transferred to a new shareholder, you will need to click the "Add a shareholder" option. This will take you to a page where you will enter their details and address, click "Add shareholder" at the bottom, and then navigate back to this transfer details page where you can select who the shares are coming from and going to.
Here you will first need to choose who the shares are coming from, and going to.
Next, you will need to enter:
- How many shares are being transferred;
- What share class they belong to;
- Cash considerations (total);
If this transfer is part of a series of transactions that exceeds a £1,000 aggregate, stamp duty will be due on the transfer. Note that if there is any tax liability arising from this transfer for either party, you will need to take care of this off-platform. You can then request the HMRC stamp duty payment confirmation PDF document from the buyer once the duty is paid. You will be able to upload the confirmation PDF onto the platform should you wish to complete your records. Here is the government guidance on paying stamp duty for stock transfers.
Next, if resolutions are required you can generate them or upload existing ones using the options below. If you are uploading an existing stock transfer form then resolutions can be skipped further down the page.
Next, following the steps shown below, you will need to select whether to generate a new share purchase agreement to be sent to the seller and buyer or if you would like to upload an existing signed document. This is simply a contract that both parties sign that confirms that both are willing participants in the transaction. Then select if you would like a new stock transfer form to be generated, or to record an off-platform stock transfer, you can upload an existing signed document. If the stock transfer is part of an investment round, you can select the investment round here or create a new one.
If you are recording an off-platform stock transfer (by choosing to upload existing documents in the steps above) you will be presented with the option to upload the stamp duty confirmation PDF document, before the investment round question. For an on platform stock transfer, the stamp duty document upload will be available at the end of the process once the necessary resolutions, share purchase agreement and stock transfer forms have been signed
Once you're happy, clicking "Generate the stock transfer" will create the draft transfer, but won't send anything out to shareholders right away, you still get to review the details and upload documents if you are recording an off-platform transfer.
If any of the other details need changing, clicking the Edit link on the top right will take you back to the previous page.
Scrolling down the page, you will see a list of steps to complete and necessary resolutions:
Once you're happy, just click the "Start the stock transfer" button, this will send out all the necessary documents to be signed. If you are recording an off-platform transfer, now you're done! If this is a new transfer, you still need to wait for the documents to be signed. Once the documents are signed you will see the option to upload the stamp duty confirmation PDF document.
Once started, you can check in on the progress of the transfer by going back to the Stock Transfers page from your Company Details page:
Once the documents have been signed, that's it, all done!