Rolls-Royce CEO sells shares ahead of CGT increase image

The chief executive of Rolls-Royce has sold around half of his personal shareholding in the company, ahead of an expected hike in capital gains tax in next month’s emergency Budget.
John Rose sold 400,000 shares at 597.38 pence each, raising 2.7 million pounds ($3.9 million), and reducing his holding to 397,721 shares, according to a regulatory statement issued by Rolls-Royce on Tuesday.

Rose also sold a further 45,191 shares from a nominee account, according to a report in the Times newspaper, which quoted a Rolls spokesman as saying the sale was Rose’s first for several years and would allow him to diversify his portfolio.

Capital gains tax is expected to rise above 18 percent in the first Budget to be held by Britain’s new government, which was formed last week by a coalition between the center-right Conservatives and the Liberal Democrats.