BusinessCompany NewsLonmin bosses sells stake ahead of CGT change

Lonmin bosses sells stake ahead of CGT change

Sir John Craven and Lonmin deputy chairman have sold shares in the miner to avoid 80% CGT hike

High profile City figure Sir John Craven, the chairman of
Lonmin,
has sold two-thirds of his shares in the platinum miner to avoid the
controversial 80% hike in capital gains tax.

Lonmin revealed yesterday Sir John had sold shares worth £2.17m, and deputy
chairman Roger Phillimore had sold 80% of his stake for £516,751.

The Daily Telegraph believes the miner is the first
FTSE 100 company to make such
a sale public and tax advisers are expecting a flood of similar director share
sales before the April 6, when the tax levied on their shares rises from 10% to
18%.

The company said the directors had sold their shares ‘in the light of the 80%
increase in the rate of capital gains tax’ but it remained unclear last night
whether either planned to buy back their shares having resolved their tax
liability.

Further reading:

Directors flock to sell down share holdings

Insurers in last-ditch bid to get CGT scrapped

Read
story in The Daily Telegraph

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