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    Companies rush to beat CGT hike

    Companies rush to beat CGT hike

    UK entrepreneurs speed up sales to escape capital gains tax rises

    Author Date published April 6, 2008 Categories

    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:

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    the Sunday Times story

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