DTZ Zadelhoff vof v Staatssecretaris van Financiën

In DTZ Zadelhoff vof v Staatssecretaris van Financiën (Case C-259/11) the CJEU held that Article 13B(d)(5) of the EC Sixth Directive ‘must be interpreted as meaning that the exemption from value added tax in that provision covers transactions such as those at issue in the main proceedings 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...