BusinessCompany NewsCGT triggers 60% Miller sell-off plan

CGT triggers 60% Miller sell-off plan

Treasury’s newly foreshadowed changes to the CGT are understood to be the trigger for a 60% sell off in Miller group

for sale

Members of the Miller family, who account for a 60% stake in UK’s biggest
privately owned house building, property development and construction business,
Miller group, have
appointed accountants Ernst & Young to carry out a strategic review of their
holding ahead of an expected sale which could value the business at about
£1.2bn.

The push behind the sale is understood to come from mainly second and
third-generation family members, including James Miller, a former chairman of
the company, TimesOnline reports.

It is understood the group, who has the majority of their personal wealth
locked up in the business, are eager to cash in on the company’s strong growth
before changes to the
capital
gains regime
next year which would increase their tax bill from the sale.

But Keith Miller, the group chief executive, who controls 17% of the company,
is not part of the group, which has fuelled speculations of a brewing family
feud.

Further reading:

CGT bonanza ahead of rules changes

IoD urges lowering of CGT modifications

Read
the story in TimesOnline

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