3 June 2015

The Advocate General’s Opinion has been published in the Dutch case Fiscale Eenhied X NV Case C-59/13. The question before the Court of Justice of the European Communities (CJEU) is whether a real estate investment fund qualifies to receive VAT exempt management services. Whilst the nature of management for a property portfolio is different from more passive equity or bond investment, the AG suggests that exemption should apply even for the property management side of the work.
If the Court follows this Opinion, all forms of Alternative Investment Funds may qualify for exempt management – hedge funds, private equity funds, retail investment funds etc. – even if they do not merely invest in stocks and shares.