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Flurry of M&A activity
Page 6
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by Roanna Avison A SPATE OF merger and acquisition (M&A) activity has hit the road haulage industry ahead of a change to the tax rules to be introduced in the Budget in April.
In the past week Wincanton has bought German logistics firm HeBo, Danish company DSV has purchased Roadferry, and TDG has received a takeover offer from Laxey Partners.
Financial experts suggest this will be the beginning of a flurry of M&A activity in the run up to 5 April.
At present, companies that sell a business or asset are subject to capital gains tax. This should be charged at 40%, hut providing a business has been owned for more than two years, assets that have been reinvested in it can be subject to 10% capital gains tax.
However, because some people have abused this system the law is set to change on 5 April and the 10% rate will be increased to 18%. Only the first £750,000 will come under the 10% rate and this is a lifetime allowance.