Linda Bennett, the entrepreneur behind LK Bennett, the shoe-maker, is to sell
up at once in order to avoid a big CGT bill after April of this year.
The entrepreneur is the most high-profile figure to make plain that sale
plans have been influenced by the tax changes that will see the effective rate
of tax hiked by 80%.
Times that the tax was an ‘obvious’ factor but that the main reason for
selling was to attract a buyer who could accelerate the chain’s growth.
Sir Ken Morrison is also said to be thinking of selling his family’s stake in
the Morrison’s supermarket chain before stepping down in three months’ time, in
a bid to avoid the tax hike.
The ‘simplification’ of CGT has aroused the ire of entrepreneurs, with
chancellor Alistair Darling thought to be on the point of announcing measures to
soften the blow this week.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...