The layouts have several names.

Dividend stripping or Dividend arbitrage are two.

Dividend means share dividend and the names show that it is about stock trading with a focus on the dividend itself.

The transactions are made at the time each year when the shareholders receive a so-called dividend, ie interest on their shares as part of the company's profit.

If the owners of the shares live abroad or the owner company is registered in another country, the Swedish Tax Agency retains part of the money as tax, in Sweden so-called coupon tax.

Since many countries, just like Sweden, have double taxation agreements with a number of countries - with the aim of avoiding paying the same tax twice - a foreign shareholder can apply for a refund of the tax that, for example, the Swedish tax authority has withheld.

Lend the shares to banks

Many companies that own shares abroad lend their shares to large banks for a few days at the actual time of the dividend.

A time that is usually in the spring.

After the loan transaction, the bank returns the shares to the original owner with the dividend minus a fee that the bank charges.

A fee that is often around five percent of the dividend.

In this way, the owner has conjured away the dividend tax on the share.

"How - how"

The deal described above, where you get rid of the dividend tax, is often called cum - cum.

It's Latin for med - med.

It refers to the share transaction where the bank buys the share with a dividend and sells it back with a dividend.

Cum - cum has been carried out to a large extent in a large number of countries in Europe since the end of the 1990s, according to the survey carried out by SVT together with the German digging editorial team Correctiv and a number of European newsrooms.

The cum-cum approach is often described by those involved in business, ie banks, tax advisers and lawyers, as legal tax planning.

However, several countries have begun to sharpen their views on this type of scheme because they believe that the schemes often only aim to avoid tax.

The second variant - "Cum - ex"

Another variant is what is called cum - ex.

In Latin: with - without.

This time, the banks buy shares with the dividend just before the dividend.

Or borrow them.

But only on paper.

Through a series of complicated transactions, ownership shifts between different companies.

Often foreign.

The share is then sold back without a dividend.

It then looks as if the new temporary owner has received a dividend on which the state has retained a tax.

But in reality, it is the original owner who received the dividend.

The bank's deal is usually just a sham deal to make it look as if you have received a dividend.

With the owner papers, those involved then request to get the profit tax back on the dividend, even though they never received any.

This means that you request a refund of a tax you never paid.

And that different owners can claim back the tax several times for a single dividend.

This is also called a "double dip".

The descriptions above are simplified.

In reality, cum - cum and cum - ex often overlap.

And the variations are many.

Cum - ex is considered by tax authorities and prosecutors in a number of countries as tax crime and fraud.

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