Behind every billionaire there is a story!

Sir Ken puts millions of shares in trust to save £100m in tax

Billionaire grocer Sir Ken Morrison yesterday rearranged his £1bn stake in the family business to save about £100m in capital gains tax.

The former chairman of the supermarket chain, who retired this month, gifted millions of shares into family trusts in order to take advantage of the lower rate of capital gains tax (CGT) available until the end of this tax year on April 5.

Making the move now meant he was able to pay CGT at 10%. From the beginning of the next tax year - in measures that were introduced by the chancellor to clamp down on the tax perks enjoyed by private equity partners - the rate goes up to 18%.

read the rest published by The Guardian here:

http://www.guardian.co.uk/business/2008/mar/29/morrisons.supermarkets?gusrc=rss&feed=business