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S&N takeover may force CGT hit on investors

Investors in Scottish & Newcastle may receive an unsolicited capital gains tax bill even though they will not have sold any shares, warns Brewin Dolphin.

S&N is currently the subject of a takeover bid by Dutch firms Carlsberg and Heineken, who have made a cash offer for the company.

Brewin Dolphin says if the offer is in cash only many longstanding shareholders could be forced to pay tax on the gains they have accrued when they receive the cash.

The investment manager is pushing the bidding companies to offer a loan note as an alternative to cash, which would avoid an immediate CGT liability arising at the time of the takeover.

Brewin Dolphin director of corporate affairs Charlotte Black says otherwise investors will be liable for CGT next year at a time that coincides with the loss of indexation relief.

She says: “We believe this is unfair, especially as it will hit long standing loyal shareholders, many of them not surprisingly in Scotland and the North East.”


Midas chief hints at fund mergers

Midas chief executive Simon Edwards says the company is likely to merge one or two of its funds following its proposed deal with Iimia MitonOptimal.Edwards, who will become managing director of the merged business, does not disclose which funds would be realigned but says the move would not result in any fund manager redundancies.Iimia MitonOptimal […]

Top-selling Woodford funds slump

Invesco Perpetual stalwart Neil Woodford has had an uncomfortable start to the year after seeing both his income funds take a performance hit.Woodford’s £6bn income and £8.5bn higher income funds are currently among the bottom five out of the 90 funds in the UK equity income sector in terms of total return in 2008.High income […]

A shaw thing

Sam Shaw is a reporter on Money MarketingHaving drawn the short straw in the office which meant that MM reporter Helen Pow attended the Brits rather than myself or Nicola York (We weren’t bitter – much),I was luckily then available to demonstrate my prowess in Riley’s poolhall in Victoria.MM news editor Paul McMillan and myself […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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