Sir Ken Morrison is poised to cash in on his family’s £1.3 billion stake in the supermarket to avoid the forthcoming rise in capital gains tax.

Sir Ken yesterday said for the first time that he was looking at changing “the arrangements” of the family’s 16 per cent shareholding before the CGT rate rises from 10 to 18 per cent at the beginning of April.

It is understood that bankers are considering a swaps deal similar to the so-called “Bed and Breakfast” agreements popular in the City in the 1990s.

This would see Sir Ken sell his shareholding to an investment bank, pocketing the profit after paying 10 per cent CGT rate. He would then buy back the stake at the current market price.

He would then only face an 18 per cent CGT rate on any profit in the future.

One banking source said: “That’s the way everybody is talking about doing things right now.”

Sir Ken indicated yesterday that such a deal was likely though refused to be drawn on any details.

He said: “With the recent actions of the Chancellor I will certainly be looking at the arrangements of our investment, it would be foolish not to. But it will not necessarily be a share disposal.”

While other Morrison family members remain in the business, including his son William, Sir Ken’s retirement means there will be no Morrison in the boardroom. Sir Ken will become honorary president.

Marc Bolland, who joined as chief executive two years ago, signalled that he could finally be ready to follow Morrisons’ larger rivals by embracing the internet. Morrisons has so far steadfastly refused to contemplate any move into home shopping. It runs 370 stores across the UK.

Mr Bolland said: “I will look at this in the next 18 months. You can’t get the Market Street experience on a screen so we need to look carefully at the market and our possible approach.”

He said that no more space in stores would be given over to nonfood products, such as homewares. “We just want the space home and leisure has at the moment to work harder for us.”