Case C-259/11

DTZ Zadelhoff vof

v

Staatssecretaris van Financiën

(Reference for a preliminary ruling from the Hoge Raad der Nederlanden)

‛Sixth VAT Directive — Articles 5(3)(c) and 13B(d)(5) — Negotiation of a transaction involving the transfer of company shares — Transaction which also entails the transfer of the ownership of immovable property held by such companies — Exemption’

Summary of the Judgment

Harmonisation of fiscal legislation — Common system of value added tax — Exemptions provided for in the Sixth Directive — Transactions in securities referred to in Article 13B(d)(5) — Transactions in company shares entailing the transfer of immovable property held by companies — Included — Condition — Member State which has not exercised its right to consider shares or interests equivalent to shares giving the holder thereof de jure or de facto rights of ownership or possession over immovable property to be tangible property

(Council Directive 77/388, Arts. 5(3)(c) and 13B(d)(5))

Article 13B(d)(5) of Sixth Directive 77/388 on the harmonisation of the laws of the Member States relating to turnover taxes must be interpreted as meaning that the exemption from value added tax in that provision covers transactions which are designed to transfer shares in the companies concerned and have that effect but which, in the final analysis, concern immovable property held by those companies and the (indirect) transfer of that property. The exception to the exemption provided for in the second indent of that provision is not applicable if the Member State has not availed itself of the possibility provided by Article 5(3)(c) of the Sixth Directive of considering shares or interests equivalent to shares giving the holder thereof de jure or de facto rights of ownership or possession over immovable property to be tangible property.

(see para. 42, operative part)

Case C-259/11

DTZ Zadelhoff vof

v

Staatssecretaris van Financiën

(Reference for a preliminary ruling from the Hoge Raad der Nederlanden)

‛Sixth VAT Directive — Articles 5(3)(c) and 13B(d)(5) — Negotiation of a transaction involving the transfer of company shares — Transaction which also entails the transfer of the ownership of immovable property held by such companies — Exemption’

Summary of the Judgment

Harmonisation of fiscal legislation — Common system of value added tax — Exemptions provided for in the Sixth Directive — Transactions in securities referred to in Article 13B(d)(5) — Transactions in company shares entailing the transfer of immovable property held by companies — Included — Condition — Member State which has not exercised its right to consider shares or interests equivalent to shares giving the holder thereof de jure or de facto rights of ownership or possession over immovable property to be tangible property

(Council Directive 77/388, Arts. 5(3)(c) and 13B(d)(5))

Article 13B(d)(5) of Sixth Directive 77/388 on the harmonisation of the laws of the Member States relating to turnover taxes must be interpreted as meaning that the exemption from value added tax in that provision covers transactions which are designed to transfer shares in the companies concerned and have that effect but which, in the final analysis, concern immovable property held by those companies and the (indirect) transfer of that property. The exception to the exemption provided for in the second indent of that provision is not applicable if the Member State has not availed itself of the possibility provided by Article 5(3)(c) of the Sixth Directive of considering shares or interests equivalent to shares giving the holder thereof de jure or de facto rights of ownership or possession over immovable property to be tangible property.

(see para. 42, operative part)