Case C-169/04, Abbey National PLC

A short post on Case C-169/04 today. The third Chamber of the European Court of Justice today held that Member States must respect an exemption from value added tax on the management of investment funds.

The Court held that the concept of ‘management of special investment funds’ in the sense of Article 13B(d)(6) of the
Sixth VAT Directive includes services performed to administer funds, “if, viewed broadly, they form a distinct whole, and are specific to, and essential for, the management of those funds”.

However, the concept excludes services corresponding to the functions of a depositary.

Text of Judgment