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Can I buy shares in my daughters' names?

Wednesday 23rd January 2002

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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.

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