Transfer of One Share edit

[Lockhouse]

Hi,


I set up a limited company at Companies House with 1 share. I now want to transfer that share to my daughter.

The company has never traded and the share is worthless.

Do I need to fill out a stock transfer form and send it to HMRC? Can I do the whole thing on the Companies House website and is it form SH01?

It's as clear as mud to me but then I'm a bit out of practice.

TIA

[WTFH]

(mod note: I added the word "edit" to the title to get the thread to post, but if I remove it, the thread goes back into error)

[hobnob]

Since this is 100% of the shares, I think you'd need form PSC04:
Give notice of change of details for person with significant control (PSC04) - GOV.UK (www.gov.uk)
However, I haven't been through this process, so there might also be other steps involved.

Just out of curiosity, why do you want to transfer the share? Is it to save the cost of setting up a new company?

[Lockhouse]

Since this is 100% of the shares, I think you'd need form PSC04:
Give notice of change of details for person with significant control (PSC04) - GOV.UK (www.gov.uk)
However, I haven't been through this process, so there might also be other steps involved.

Just out of curiosity, why do you want to transfer the share? Is it to save the cost of setting up a new company?

All of this is sorted now - thank you for the reply. I'd done the PSC change. Apparently all I need to do is file when I do the company returns as there's no tax due.

The reason for doing things this way - my daughter was on gardening leave so had to be hands off until that had finished. I could do the set-up etc for her new venture without breach of contract. Now she's a free agent I'm handing over to her.

[Craig@Clarity]

All of this is sorted now - thank you for the reply. I'd done the PSC change. Apparently all I need to do is file when I do the company returns as there's no tax due.

The reason for doing things this way - my daughter was on gardening leave so had to be hands off until that had finished. I could do the set-up etc for her new venture without breach of contract. Now she's a free agent I'm handing over to her.

Just to add to this, if your original intention was to simply bagsy the company name for when she was out of restrictive covenant, the alternative would have been to do what you originally did, get her to setup a brand new company solely in her name under a different company name then do a simultaneous name change at companies house.

[northernladuk]

Just to add to this, if your original intention was to simply bagsy the company name for when she was out of restrictive covenant, the alternative would have been to do what you originally did, get her to setup a brand new company solely in her name under a different company name then do a simultaneous name change at companies house.

Smarty pants