CELEX: C2006/165/07
Language: en
Date: 2006-07-15 00:00:00
Title: Case C-169/04: Judgment of the Court (Third Chamber) of  4 May 2006  (reference for a preliminary ruling from the VAT and Duties Tribunal, London — United Kingdom) — Abbey National plc (with the Inscape Investment Fund as joined party) v Commissioners of Customs & Excise (Sixth VAT Directive — Article 13B(d)(6) — Management of special investment funds — Exemption — Meaning of  management  — Functions of a depositary — Delegation of administrative management function)

15.7.2006   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 165/4
            
         Judgment of the Court (Third Chamber) of 4 May 2006 (reference for a preliminary ruling from the VAT and Duties Tribunal, London — United Kingdom) — Abbey National plc (with the Inscape Investment Fund as joined party) v Commissioners of Customs & Excise
   (Case C-169/04) (1)
   
   (Sixth VAT Directive - Article 13B(d)(6) - Management of special investment funds - Exemption - Meaning of ‘management’ - Functions of a depositary - Delegation of administrative management function)
   (2006/C 165/07)
   Language of the case: English
   Referring court
   VAT and Duties Tribunal, London
   Parties to the main proceedings
   
      Applicants: Abbey National plc (with the Inscape Investment Fund as joined party)
   
      Defendants: Commissioners of Customs & Excise
   Re:
   Reference for a preliminary ruling — VAT and Duties Tribunal, London — Interpretation of Article 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) — Exemption for management of special investment funds — Scope
   Operative part of the judgment
   
               1.
            
            
               The concept of ‘management’ of special investment funds in Article 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 has its own independent meaning in Community law whose content the Member States may not alter.
            
         
               2.
            
            
               Article 13B(d)(6) of Sixth Directive 77/388 is to be interpreted as meaning that the concept of ‘management of special investment funds’ referred to in that provision covers the services performed by a third-party manager in respect of the administrative management of the funds, if, viewed broadly, they form a distinct whole, and are specific to, and essential for, the management of those funds.
               On the other hand, services corresponding to the functions of a depositary, such as those set out in Articles 7(1) and (3) and 14(1) and (3) of Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), are not covered by that concept.
            
         
      (1)  OJ C 146, 29.05.2004.