A transaction resulting in a change of share ownership. It traditionally involved (1) a contract to sell the shares; (2) their transfer by delivery of a share warrant or execution of a share transfer; and (3) entry of the transferee's name on the register of members of the company. The process can now be carried out electronically using the CREST system. Shares in private companies and partly paid shares may be subject to restrictions on transfer. See also stamp duty; stamp duty reserve tax; transmission of shares.