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Formerly, an operation on the London Stock Exchange in which a shareholder sold a holding one evening and made an agreement with the broker to buy the same holding back again when the market opened the next morning. The object was generally to establish a loss, which could be set against other profits for calculating capital gains tax. Tax changes have made this set of transactions obsolete, as the time elapsed between sale and repurchase must now be above 30 days for the shareholder to benefit in this way.

Subjects: Economics.


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