Sharechat Logo

Can I buy shares in my daughters' names?

Wednesday 23rd January 2002

Text too small?
Q: I wish to buy some shares for my two daughters, aged 9 and 11. Can I buy them in their names or do I have to buy them in mine?

A: You can buy shares and register them in your daughters' names. For tax purposes this can make a lot of sense. The Minors Contracts Act applies when you buy shares in your children's names. If you already own shares you can transfer them into your daughters' names by filling in a share transfer form and sending it to the company's share registry. There is no charge to transfer shares in this manner.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

What is treasury stock?
Can you explain the term "split factor adjustment"?
What are imputation credits?
When is a company listed as CD (cum-dividend)?
What is an IPO?
What do bid/offer and buy/sell mean?
What does 'Div cps' stand for?
When do shares go ex-dividend?
What is a 'dividend yield'?
Do I have to sell my shares through the broker I bought them from?