Capital Savings

Berwin Leighton acted for Lex Services in creating a scheme which aims to defer tax bills for RAC members indefinitely.

Each member received 34,000 after the sale of the club to Lex last year; to defer the payment of capital gains tax, 11,000 members opted to take these windfalls in loan notes.

Investment bank Dresdner RCM and Lex are inviting RAC members to swap their loan notes for units in a Dresdner unit trust, deferring their Capital Gains Tax liabilities for as long as they hold the units.