When UK retail company Littlewoods was sold for £750 million last October, the Moores family, who founded and ran the business saved themselves £60 million in capital gains taxes by moving the proceeds to various offshore jurisdictions.
This perfectly legal method has reportedly saved family members and other individuals millions of pounds in capital gains tax.
The largest beneficiary, according to reports in the UK media, was John Moores III, who received £38 million for his stake in the firm last October. He now lives in Monaco, a move which has saved him some £15.2 million in capital gains tax.
Additionally, Moores sold 9.6 million preference shares valued at £1 each. If he had remained resident in the UK he would have been liable for £3.8 million in tax.
Another major beneficiary was Patricia Moores. She saved an £8 million tax bill on the sale of her ordinary shares worth £20 million and a further £2million on the sale of 5 million preference shares also valued at £1, as a result of being resident in the Isle of Man.
http://iccheshireonline.icnetwork.co.uk/0100news/0100regionalnews/page.cfm?objectid=12818159&method=full&siteid=50020
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment