TaxAdministrationStagecoach founders also escape CGT hike

Stagecoach founders also escape CGT hike

The founders of the Stagecoach join others in saving millions of pounds from share sale ahead of the CGT change

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

Lord Sainsbury manoeuvre saves £27m in CGT

Read
story in the Financial Times

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