Taper relief deadline deal

The deadline for the removal of business taper relief and the 10% rate of capital gains tax saw the midnight oil burning up to April 5th 2008, at Brebners.

One of the deals completed was the sale of a majority stake of our client who is one of the world’s leading luxury goods companies, and one of the foremost jewellery designers.

The sale price was £4.8m negotiated over a lengthy period. Brebners was very much in the forefront of the negotiations which included detailed discussions of the terms of ongoing licenses for IPR as well as the design and employment contracts relating to the continued involvement of our client.

Chief Executive Partner, Simon Cryer, led the team assisted by Tax Partner, David Taylor, and one of our Managers, Matt Davis. “It was quite a difficult deal to conclude since the purchaser did not fully understand the way UK based deals are structured, and needed some persuading that his original offer was far too low in the light of recent results”. Brebners worked alongside Edge Legal who commented on completion “thank you so much for all your help and involvement. We could not have coped without you”.

Mergers, sales and acquisitions are usually the key events in an entrepreneur’s career. We are experienced in helping and please discuss any moves in that direction with your usual Brebners contact, at an early stage.