The founders of the Morrisons supermarket chain stand to save £100 million in tax if they sell their stake in the business by April, it has been revealed.

The government's new capital gains tax, which is supposed to clamp down on private equity firms, will see the levy rise from 10 per cent to a flat rate of 18 per cent, from April 6, 2008.

The national press has speculated that Sir Ken Morrison and his family are more likely to push for an early disposal of their 16 per cent share.

Sir Ken is set to retire as chairman in May 2008 and has already said that he is keeping his shareholding under review.

The Morrison family’s 16 per cent share of the business is worth around £1.2 billion, meaning the tax liability is currently £120m.

But under the new tax rate it would rise to £220m.

Sir Ken is to be replaced as chairman by former Asda deputy chairman Sir Ian Gibson, currently chairman of Sunday Mail publisher Trinity Mirror and a director of Greggs, GKN and Northern Rock.

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