Executives side-step new tax scheme

London is abuzz with company directors off-loading shares ahead of the next tax year, which begins on April 6. Changes to Capital Gains Tax announced earlier this year by Chancellor Alistair Darling mean that executives will see the tax they pay on selling shares in their own companies - often shares which had been granted as options or dividends - increase from 10 to 18 per cent from Monday. By transferring or selling the shares by Friday, the owners could 'crystalise' gains at the lower tax rate.

Among those taking advantage - and saving themselves a packet in the process - are Clara Furse, chief executive of the London Stock Exchange (pictured), Lord Sainsbury of the supermarket family, and Brian Soutar, head of the transport firm Stagecoach.

Sainsbury didn't let his close ties with New Labour - he was a science minister in the Lords - stop him from saving £27m in tax by transferring ownership of £340m worth of shares this week. Furse was one of many who shifted stocks within her family, selling 425,165 shares on Tuesday at the same time that her husband Richard bought exactly the same number, a move that saved her more than £400,000 in tax.

Rob Templeman, the chief executive of Debenhams, transferred 250,000 shares to his wife, while Gordon Page, chairman of Cobham, sold 1.7m shares but pledged in a stock exchange statement to buy them back within 30 days.