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Have I been hobbled by tax planning?
by David Young
Published in Financial Times
I run a shoe retailing business in London that I am planning to sell. Earlier this year, I was advised to warehouse my company in a trust to avoid the planned capital gains tax increase from 10 per cent to 18 per cent. This, I was told, would crystallise the lower tax rate before the April 5 deadline in anticipation of a sale later in the year. As the company is still not sold, I am concerned that the taxman will send me a huge bill in January without having the proceeds of the sale to pay for it. What is the best action to take?
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