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14 Dec 2007
The FD of Southern Cross has cashed in almost £8m of shares in order to avoid the capital gains tax hike looming on the horizon.
Together with other senior management, Graham Sizer took the decision to sell before the Chancellor's CGT changes come into force next April.
The care home giant said that the moves had been made as a direct result of 'the proposed changes to the capital gains tax legislation announced by the Chancellor in the November budget.'
Alistair Darling has come under fire from large sections of the business community including entrepeneurs and private equity after announcing proposals to increase CGT taper relief from 10% to a flat rate of 18%.
Share awards form a sizeable bulk of executive pay packets, which may lead to other finance chiefs following suit.
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Briefings
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