TaxAdministrationLSE chief sells ahead of CGT change

LSE chief sells ahead of CGT change

LSE chief is the latest to join the stampede to sell off shares on the eve of the CGT change

London
Stock Exchange
chief executive Clara Furse is the latest among several
company directors who are transferring or selling their shares on the eve of the
unpopular changes to UK’s capital gains tax regime.

The share deals co-incide with the rush by many entrepreneurs and business
owners to complete the sale of their businesses before the government’s
abolition of taper relief on CGT, which will increase the tax rate by up to 80%
from Sunday, The Daily Telegraph reports.

The credit crisis has done nothing to dampen the hyperactivity which has
reached 532 deals, involving the sale of British companies worth less than £315m
since the start of the year – the busiest dealmaking since the peak of the
dotcom boom in 2000, according to industry advisers
Dealogic.

Furse sold 425,165 LSE shares at the same time as her husband Richard bought
425,165 of them, while Rob Templeman, Debenhams chief executive transferred
250,000 shares to his wife; the directors of Halfords sold a number of their
shares; and Gordon Page, Cobham chairman, sold 1.7m shares but pledged in a
stock exchange statement to buy them back within 30 days.

Further reading:

Lord Sainsbury manoeuvre saves £27m in CGT

Business owners sell to beat CGT hike

Read
story in The Daily Telegraph

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