Case C-363/05: Judgment of the Court (Third Chamber) of 28 June 2007 (reference for a preliminary ruling from the VAT and Duties Tribunal, London — United Kingdom) — JP Morgan Fleming Claverhouse Investment Trust plc, The Association of Investment Trust Companies v The Commissioners of HM Revenue and Customs (Sixth VAT Directive — Article 13B(d)(6) — Exemption — Special investment funds — Meaning — Definition by the Member States — Discretion — Limits — Closed-ended funds)
Date: 2007-08-25
Institutions: Court of Justice
Subjects: United Kingdom, interpretation of the law, investment company, tax exemption, tax harmonisation, tax system

C 199/8

EN

Official Journal of the European Union

25.8.2007

Operative part of the judgment

The Court:

1. Dismisses the appeal;

2. Orders Internationaler Hilsfonds eV to pay the costs.

(1) OJ C 271, 29.10.2005.

Judgment of the Court (Third Chamber) of 28 June 2007
(reference for a preliminary ruling from the VAT and
Duties Tribunal, London — United Kingdom) — JP Morgan
Fleming Claverhouse Investment Trust plc, The Association
of Investment Trust Companies v The Commissioners of
HM Revenue and Customs

(Case C-363/05) (1)

(Sixth VAT Directive — Article 13B(d)(6) — Exemption —
Special investment funds — Meaning — Definition by the
Member States — Discretion — Limits — Closed-ended
funds)

States relating to turnover taxes — Common system of value
added tax: uniform basis of assessment must be interpreted as
meaning that the words ‘special investment funds’ in that provision
including closed-ended investment funds, such as
are capable of
Investment Trust Companies.

‘special

for the purposes of

2. Article 13B(d)(6) of Sixth Directive 77/388 must be interpreted
as meaning that it allows Member States a discretion in defining
the funds located on their territory which are covered by the notion
the exemption
of
investment funds’
provided for by that provision. However,
in the exercise of that
power, the Member States must respect the objective pursued by
that provision, which is to facilitate investment in securities for
investors through investment undertakings, while guaranteeing the
principle of fiscal neutrality from the point of view of the levying of
VAT on the management of special investment funds which are in
funds such as funds
competition with other special
falling within the scope of Council Directive 85/611/EEC of
20 December 1985 on the coordination of laws, regulations and
administrative provisions
collective
investment in transferable securities (UCITS), as amended by Direc-
tive 2005/1/EC of the European Parliament and of the Council of
9 March 2005.

relating to undertakings

investment

for

3. Article 13B(d)(6) of Sixth Directive 77/388 has direct effect, in
that it can be relied on by a taxable person before a national court
in order to challenge the application of national legislation alleged
to be incompatible with that provision.

(2007/C 199/12)

Language of the case: English

(1) OJ C 271, 29.10.2005.

Referring court

VAT and Duties Tribunal, London

Parties to the main proceedings

Applicants: JP Morgan Fleming Claverhouse Investment Trust plc,
The Association of Investment Trust Companies

Defendant: The Commissioners of HM Revenue and Customs

Re:

Interpretation of Art. 13B(d)(6) of Sixth Council Directive
77/388/EEC of 17 May 1977 on the harmonisation of the laws
of the Member States relating to turnover taxes — Common
system of value added tax: uniform basis of assessment (OJ 1977
L 145, p. 1) — Scope of the exemption of the management of
pooled investment funds — Inclusion of closed-ended funds
such as investment trust companies

Judgment of the Court (First Chamber) of 5 July 2007
(reference for a preliminary ruling from the Simvoulio tis
Epikratias — Greece) — Dionik Anonimi Etairia Emporias
Ipiresion Mikhanografisis,
I/I, Logismikou & Parokhis

Ioannis Mikhail Pikoulas v Epitropi Kefalaiagoras

(Case C-430/05) (1)

(Directive 2001/34/EC — Article 21 — Admission of securi-
ties to official stock exchange listing — Listing particulars
inaccurate information —
(prospectus) — Publication of

Persons responsible — Members of the board of directors)

(2007/C 199/13)

Language of the case: Greek

Operative part of the judgment

Referring court

1. Article 13B(d)(6) of Sixth Council Directive 77/388/EEC of
17 May 1977 on the harmonisation of the laws of the Member

Simvoulio tis Epikratias (Council of State)