THE Anheuser-Busch InBev (AB InBev) takeover of SABMiller may not prove to be as big a bounty for the taxman as initially thought, if South African-based retail investors opt to use Section 42 of the Income Tax Act to delay paying Capital Gains Tax (CGT) on their profits from the £45-a-share offer.Nedbank Private Wealth and a number of boutique fund managers are offering clients a way of delaying the CGT that would normally have to be paid by individual shareholders on profit made on the sale of shares. It is an attractive proposal for investors who want to reduce their tax liability, while maintaining an exposure to equities through a unit trust.South African-based investors held 13.8% of SABMiller at the end of August. There are no details on how much of this stake is held by individuals and how much by fund managers, other than that the Public Investment Corporation held 2.93% and Allan Gray 1.02%.Traditionally pension funds and unit trusts are regarded as exempt from CGT because...
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