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

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson