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HMRC internal manual

Capital Gains Manual

Compensation: Stock Exchange Jobbers: stock lending

Where jobbers on the London Stock Exchange ‘borrow’ securities from institutional lenders such as banks, insurance companies and other financial concerns, see CFM17050+, the lending of the securities is not treated as a disposal by the lender or an acquisition by the borrower. Similarly, the return of similar securities is not treated as an acquisition by the lender or a disposal by the borrower.