A rush by family businesses to sell up before before the April 5 rise in
capital gains tax has lead to an increase in work for firms across the board.
The 10% levy on most of capital gains increases to 18% under a change to HM
‘(Business) is about 50% up on this time last year, which was also busy,’
Stephen Quest, tax partner at
told The Independent. ‘We’ve seen a real frothing up. Sales are being
triggered and brought forward, typically of family-controlled businesses and
across a wide range of values, anything from £10m up to £150m. Prices have come
down a bit. They’re often selling to private equity.’
There is also a feeling businesses which have been built up over decades, or
generations, are forced to sell out undervalued. Having held out for a definite
decision from the Treasury, these business owners are faced with rushing the
Kevin Nicholson, head of entrepreneurs and private companies at
PricewaterhouseCoopers, said: ‘They resent
doing things in a rush. Some are angry that they’ve built up companies that were
intended to be a pension pot on the basis of a 10% tax rate. Suddenly it’s 18%.
They’re wondering what the next change will be, and the next. There’s anger and
frustration at that.’
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'