We have been asked many times about how to sell Amex shares. In summary, we cannot make any recommendations as each individual case is different.
Different countries have different regulations - so check carefully.
You are advised to seek professional guidance at all times, this may be through a broker or an independent financial advisor.
A broker may be willing to handle these transactions but there will
almost certainly be fees of one sort or another or even minimum transaction
Whilst it is accepted that shares formed part of your compensation package,
selling small numbers of shares may not be cost effective. In essence, you’re
on your own in these transactions so act carefully.
You may well have to pay income tax which could be deducted at (US) source
at a standard rate of 40%. You may be able to reclaim some of this if you are not a
taxpayer or only pay tax at a lower rate.
You may also be liable for UK Capital Gains Tax (CGT) if the value falls
above the current limits. If you have a significant amount of “value” you
may also consider transferring a portion of your shares, prior to their
sale, to a partner in order to reduce the CGT liability.
The proceeds of any share sale that results in a US Dollar cheque should be
cashed through Kanoo Manchester. Go to the Forms Page to download the appropriate form. All the instructions you need are within the form.
Dividend cheques that you receive regularly from Ameriprise may also be cashed through Kanoo Manchester.