It's not that. Let's take a concrete example given in the article. BHP group. You can buy BHP shares in 3 different primary listings. BHP.L[1] (on the LSE,

It's not that. Let's take a concrete example given in the article. BHP group. You can buy BHP shares in 3 different primary listings. BHP.L[1] (on the LSE, listed in GBp), BHP[2] (on the NYSE, listed in USD) or BHP.AX[3] (listed in AUD on the ASX). These are fundamentally the exact same shares in the same company, but are listed in different countries. The only difference between them is the listing currency you pay to buy/receive on sale. When you receive the shares you actually get the same exact ISIN (I believe). So say you hold some BHP and its price is underwater at the moment. You believe in the long-term prospects of the company and have made profits in general that you have to pay tax on. You could sell the BHP, realise the loss (offsetting these other taxes to an extent) and buy again. However that "bed and breakfasting" (as it used to be called in the UK) has been declared illegal. If you were to sell in the US and then immediately buy on any US market that would be illegal. But if you sell in the US and then buy in London or Sydney (in this example) that is allowed. How the tax advantage works is you are literally taking an extra mark-to-market loss and offsetting that against other profits. Yes if you instead held and eventually made a profit you would pay less in that scenario, but in that scenario you are paying in future dollars whereas with the offsetting you are gaining today's dollars. Today's dollars are more value because of discounting. [1] https://finance.yahoo.com/quote/BHP.L?p=BHP.L&.tsrc=fin-srch https://finance.yahoo.com/quote/BHP.L?p=BHP.L&.tsrc=fin-srch [2] https://finance.yahoo.com/quote/BHP?p=BHP&.tsrc=fin-srch https://finance.yahoo.com/quote/BHP?p=BHP&.tsrc=fin-srch [3] https://finance.yahoo.com/quote/BHP.AX?p=BHP.AX&.tsrc=fin-srch https://finance.yahoo.com/quote/BHP.AX?p=BHP.AX&.tsrc=fin-sr...