Bed And Breakfast |
| The practice of selling shares on one day and buying them back on the next. The purpose for UK taxpayers was to crystallise a gain (or loss) in a share, which could then be either offset against gains on other shares in the same tax year or used against an annual capital gains tax allowance. The anti-avoidance provisions of the 1998 Budget effectively ended the practice of bed and breakfasting by making it impossible to get the tax advantage. |
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