Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

by September 27, 2024
September 27, 2024
Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month.

New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior to this sale, Lord Wolfson owned approximately 1.4 million shares, equating to a 1.2% stake in Next, valued at around £141m.

The company has declined to comment on the sale. Following the announcement, Next shares dropped by 2%.

The timing of the sale has raised speculation, as Reeves is anticipated to target CGT in her upcoming Budget, potentially aligning it with income tax rates. Currently, higher earners pay up to 45% on income but are subject to CGT rates of 20% for assets like shares and 24% on property gains. Basic-rate taxpayers face 10% and 18%, respectively.

Many investors have been rushing to sell assets before any changes take effect. Duncan Mitchell-Innes of TWM Solicitors noted, “With many expecting CGT increases, we’ve seen a surge in asset sales in recent weeks.”

HMRC recorded its highest August CGT receipts since 2008, with £197m paid by landlords and investors looking to offload assets in anticipation of the tax hike.

This latest sale marks the third time Lord Wolfson has reduced his shareholding, now leaving him with a stake worth around £100m. The disposal follows a remarkable rally in Next’s share price, which has surged by 123% since October 2022.

Next’s performance has outpaced many of its competitors, bolstered by a series of profit upgrades. Earlier this month, the retailer raised its profit forecast by £15m, with pre-tax profits expected to reach just under £1bn, fuelled by growing international sales.

The company has credited the convergence of global fashion tastes, driven by trends popularised through streaming services like Netflix and TikTok, as a key driver of its success.

Read more:
Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

0
FacebookTwitterGoogle +Pinterest
previous post
Pharmaceutical Pricing Around the World
next post
How to Choose The Best Business Coach?

You may also like

Post-Pandemic Setback: Fewer Women Among Top Earners in...

May 27, 2024

The Thrill of Gambling: Professionals’ Viewpoint

February 22, 2023

Getting to Know You: Vincent Marchetti, Founder of...

February 24, 2023

Netflix to launch cheaper ad-supported subscription tier in...

September 5, 2022

How to Estimate the ROI of Intelligent Automation...

April 14, 2025

LinkedIn cuts 700 jobs and closes China app

May 10, 2023

Schroders warns of talent drain to America due...

July 8, 2024

UK’s first space launch of Virgin Orbit rocket...

January 10, 2023

Majority of Britons back increased tax on online...

October 14, 2024

Six things that Americans could be paying more...

February 3, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rescissions: A Small but Welcome Step Toward Spending Discipline

      June 5, 2025
    • DAVID MARCUS: Why Navy ships should not be named for gay rights icons

      June 5, 2025
    • GREGG JARRETT: Biden, the ‘marionette president; and the case of the runaway autopen

      June 5, 2025
    • Trump Practically Bans Travel and Immigration from 12 Countries with Flimsy Security Justifications

      June 5, 2025
    • ‘He’s not a big factor’: Trump’s Senate allies dismiss Elon Musk’s calls to ‘kill the bill’

      June 5, 2025
    • Fears grow that Tata Steel could be excluded from Starmer-Trump trade deal

      June 5, 2025

    Categories

    • Business (8,147)
    • Investing (2,008)
    • Politics (15,523)
    • Stocks (3,127)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved