How to Collect Investments and Shares After Probate

Directly Held Shares (Share Certificates)

If the deceased held paper share certificates or was registered as a direct shareholder, you need to contact the share registrar. The main UK registrars are:

• Computershare
• Equiniti (formerly Lloyds TSB Registrars)
• Link Asset Services
• Capita Asset Services

To find out which registrar manages a particular company's shares, look at the share certificate itself or check the company's investor relations website. For FTSE companies, the annual report will name the registrar.

What to send the registrar:

• A sealed copy of the Grant of Probate.
• A certified copy of the death certificate.
• The original share certificates (if held).
• A covering letter with instructions — sell or transfer to beneficiary.
• For a transfer: a completed Stock Transfer Form (J30 form).

Selling vs Transferring Shares

You have two options for dealing with shares:

For most estates, distributing shares in specie to beneficiaries who want to hold them long-term is tax-efficient. Selling during administration crystallises any CGT liability in the estate rather than deferring it to the beneficiary.

Platform-Held Investments (ISAs, SIPPs, General Investment Accounts)

For investments held on a platform (Hargreaves Lansdown, Fidelity, AJ Bell, Vanguard, etc.):

1. Notify the platform of the death (most have a dedicated bereavement team — look for 'bereavement' on their website).
2. Submit a sealed Grant of Probate, death certificate, and written instructions.
3. Instruct whether to sell holdings and transfer cash to the estate account, or to transfer investments in specie to the beneficiary.
4. For ISA holdings, be aware of the Additional Permitted Subscription (APS) allowance for a surviving spouse — see our guide to valuing ISAs for probate.

Capital Gains Tax During Administration

The estate has its own Capital Gains Tax annual exempt amount — for the tax year 2025–26 and 2026–27 this is £3,000. Gains from selling investments above the probate value during administration are subject to CGT at the estate CGT rate (currently 18% for basic rate and 24% for higher rate for assets other than residential property).

Key planning point: If the estate's CGT annual exempt amount has not been used, you can crystallise gains up to that amount tax-free. Time disposals carefully across tax years if there are significant gains.

Investment income (dividends, interest, rental income) earned during administration is subject to income tax. If total income exceeds £500, you must file an SA900 — see our SA900 estate tax return guide.

Unit Trusts and OEICs

For unit trusts and OEICs, contact the fund manager directly or through the platform. Submit the Grant of Probate with instructions to either encash the units or transfer them. Processing times are typically 2–6 weeks.

Government Gilts and National Savings

UK government gilts (bonds) can be transferred or redeemed through the UK Debt Management Office. National Savings & Investments (NS&I) products (Premium Bonds, Income Bonds) are handled by NS&I directly — submit a Grant of Probate and their bereavement form.

Note that Premium Bond prizes up to 12 months after death may still be won on the deceased's bonds — NS&I will advise on the specific terms.

For the full estate administration process after probate, see our estate administration checklist, and use our free estate administration tool for a personalised task list.

Related Guides

• Valuing Shares and Investments for Probate
• Valuing an ISA for Probate
• Collecting Bank Accounts After Probate
• SA900 Estate Tax Return
• Executor First Steps
• Complete UK Probate Guide 2026