Investor offloads £40m shares as City prepares for CGT rise - papers

Smith sold the shares to a trust, the Guardian reports. According to stock exchange announcements yesterday, Smith sold 9.6m shares worth £34m in money broker Tullett Prebon to the trust on 18 June and 8.9m shares in stockbroker Collins Stewart worth almost £6m on the same day. Tax experts say the move means Smith can lock in gains on the sale of the shares at the current CGT rate of 18%, avoiding demands to pay a new rate, expected to be set at between 40% and 50% today. Smith joins Rolls-Royce chief executive John Rose who last month sold 400,000 shares worth £2.3m ahead of any C...