Definition of
bed and spouse
method for couples to reduce capital gains tax in the United Kingdom, a method used by married taxpayers to reduce capital gains tax. A spouse who has a capital gain and has not used all their capital gains tax allowance may sell a security, and the other spouse may buy the same security back the next day, thereby allowing the spouse who sold to offset all or part of the gain with their tax allowance, while still holding onto the stock.
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