Monday, Feb 25, 2008
The Financial Services Authority is to issue new guidance on directors' dealings after being contacted by scores of UK company directors who are preparing to sell shares ahead of April 6 to avoid the widely-criticised 80pc rise in capital gains tax
TELEGRAPH UK: FSA to issue new guidance on CGT sales
News of their plans comes as one of Britain's largest insurers, privately-owned Towergate, confirmed management is selling a stake to cash in part of their fortune before it is eroded by the tax hike. Towergate is the largest company so far to reveal it is planning a sale primarily to avoid the tax change from 10pc to 18pc on business assets. The £3bn group, founded by chairman Peter Cullum, is in "preliminary discussions" to sell a 25pc holding to private equity firm Candover.
Posted by chris @ 12:50 AM (161 views) Add Comment
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