TaxCorporate TaxCompanies rush to beat CGT hike

Companies rush to beat CGT hike

UK entrepreneurs speed up sales to escape capital gains tax rises

A string of high profile names have rushed to sell up to beat the near
doubling in capital gains taxes on business assets, from 10% to 18%, which went
live this weekend.

Nursery chain Kidsunlimited, shoe retailer L K Bennett, tobacco wholesaler
Palmer & Harvey and insurance tycoon Peter Cullum were among those who
scrambled to beat the new rules.

Husband and wife Stewart and Jean Pickering, sold their entire stake in
Kidsunlimited, as did their backer, Isis Equity to Lloyds Development Capital.

1,500 employees at Palmer & Harvey celebrated a £300m buyout of their
business.

Peter Cullum speeded up the sale of a £100m stake in his insurance firm
Towergate to US hedge fund Och-Ziff, and fashion entrepreneur Linda Bennett is
currently in talks to find a buyer for her shoe chain, thought to be worth up to
£150m.

Further reading:

Read
the Telegraph story

Read
the Mail on Sunday story

Read
the Sunday Times story

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