11 APRIL 1987, Page 19

A capital policy

A HAPPY new tax year to all our readers, and what a shame that the last week of the old year saw such a shake-out in the market. Those patiently waiting for the new year before selling shares — thus postponing the Capital Gains Tax bill for 12 months — must think it unfair. In 1986 the market peaked in the last days of the old tax year. In what we have seen of 1987, the same has been true. It is as though the market could see the sellers coming — as, of course, it could. Those who took out the insurance policy recommended by City & Suburban, and bought a put option on the FT-SE hundred-share index, should have a small capital gain in the new year.