Brian Souter and his sister Ann Gloag, the founders of bus and train operator Stagecoach, have become the latest to reap millions of pounds by transferring or selling their shares ahead of the changes to capital gains tax this weekend.
The pair are transferring 33m Stagecoach shares into two discretionary trusts – of which they and family members are the beneficiaries. Gloag is also selling 500,000 Stagecoach shares in a trust in the name of David McLeary, her husband, the Financial Times reports.
The shares which represent a 4.7% stake in Stagecoach and one-fifth of the siblings’ combined shareholding, are worth about £82.4m at current market prices.
The Stagecoach founders followed the lead of Lord Sainsbury, Sir Ken Morrison and Clara Furse of the London Stock Exchange in the past few days. Others who sold or transferred shares yesterday included directors at Ted Baker and Jane Palmer, wife of Andrew Palmer, Legal & General finance director.
Further reading:
LSE chief sells ahead of CGT change
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