| 单词 | bed and breakfast |
| 释义 | bed and breakfast 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 to establish a loss, which could be set against other profits for calculating capital gains tax or to take advantage of the rule that allowed the first part of any gain in one year to be free of capital gains tax. In the event of an unexpected change in the market, the deal was scrapped. Tax changes have made this set of transactions less attractive as the time elapsed between sale and repurchase must now be above 30 days. |
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