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@Andrew___Baker @arpitrage @andreamatranga Pensions tax-free iirc. Exploited to get variation in demand for dividends in Grinstein, Yaniv, and Roni Michaely, 2005, Institutional holdings and payout policy, Journal of Finance 60, 1389–1426. (Oliver Boguth and I use this in our tax-loss harvesting WP in an auxiliary test).