Leading City figure and associate of the Chartered Institute of Bankers Terry Smith has sold £40m worth of shares ahead of a likely rise in capital gains tax (CGT).
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...
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