In the German case of GfBk Gesellschaft für Börsenkommunikation mbH v Finanzamt Bayreuth (CJEU Case C-275/11) the CJEU held that art 13B(d)(6) of the EC Sixth Directive ‘must be interpreted as meaning that advisory services concerning investment in transferable securities provided by a third party to an investment management company which is the manager of a special investment fund fall within the concept of “management of special investment funds” for the purposes of the exemption laid down in that provision’.
Why it matters: The CJEU upheld the advocate general’s opinion that the relevant supplies were exempt from VAT.
