IndigoVision chairman joins rush to sell shares and beat capital gains tax

Published on Friday 4 April 2008 10:21

THE chairman of Edinburgh internet video pioneer IndigoVision has become the latest director of a listed firm to sell up his shares ahead of changes to capital gains tax.

Hamish Grossart sold 150,000 shares in the company on April 2 to a pension fund that he is the beneficiary of.

He sold the shares at 745p each, with proceeds of 1.1 million.

When the new tax year begins on April 6, the rate payable on capital gains made on the disposal of shares increases from a minimum of ten per cent to 18 per cent.

By cashing shares before the end of the current tax year, they can ensure they pay tax at the lower threshold.

Mr Grossart follows a number of high-profile figures to sell shares towards the end of the year. Yesterday, Stagecoach founders Brian Souter and Ann Gloag transferred 33 million shares – worth 82m – into family trusts.

Mr Souter transferred 22 million shares and it is estimated he will have saved around 5m in tax.