Debenhams chief executive Rob Templeman and chief operating officer Michael Sharp have transferred more than 300,000 shares to their wives.

The move comes in the week that the level of capital gains tax (CGT) on profits is set to rise. The lowest rate of CGT will rise from 10 per cent to 18 per cent on Sunday, April 6. It is understood that the transfers are to mitigate the effects of the changes.

A Debenhams spokesman said: “A number of the Debenhams directors have instigated today gifts of shares to family trusts. It is important to note that these are not share sales and that all the relevant disclosures have been made.”

A number of other big-name retailers have been shifting their shares into different vehicles in order to shelter their investments from the tax changes. Lord David Sainsbury has moved£343 million of his shares to two separate vehicles and last month Sir Ken Morrison saved himself millions by reshuffling his£1 billion stake in Morrisons.