BOSSES at Blackburn technology firm Promethean moved shares worth £80 million days before a Government tax hike.
Directors switched more than 38 million shares to holding companies they own just before Chancellor George Osborne increased capital gains tax by 10 per cent to 28 per cent last week.
The biggest switch was made by Promethean founder and main shareholder Tony Cann, who transferred 25.4million shares, worth £52.6million, into three holding companies he owns.
Chairman Graham Howe moved 10.9 million shares, worth £22.5 million, and six other major shareholders, including finance boss Neil Johnson, also transferred shares into companies they control.
They hope the deals, revealed to the London Stock Exchange just days before the emergency Budget, will mean they only pay capital gains tax at the old rate of 18 per cent when they eventually dispose of their shares.
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