TaxCorporate TaxBusiness owners sell to beat CGT hike

Business owners sell to beat CGT hike

Private equity group saves £2m in CGT move

Business owners have been racing to sell their companies in order to beat the
hike in CGT.

Private equity group NBGI has sold Hamworthy Heating, a maker of boilers for
commercial property, has been sold for £35m to Atlantic, a French conglomerate.

The move will save around £2m in tax,
the
Sunday Times reported.

Sir Ken Morrison has also moved to restructure his affairs, rearranging his
£1bn stake in the company into trust arrangements.

QinetiQ chairman Sir John Chisholm has also transferred more than £17m of
shares into a family trust, the paper said.

Further Reading:

Read
the Sunday Times story: Tax rule changes prompt sales

HMRC
backlog holds up company sales

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