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22 March 2013
Issue: 7553 / Categories: Case law , Law digest , In Court
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EU—Value added tax

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Wheels Common Investment Fund Trustees Ltd and other companies v Revenue and Customs Commissioners C-424/11 [2013] All ER (D) 117 (Mar)

It was settled law that funds which constituted undertakings for collective investment in transferable securities within the meaning of Directive (EC) 2001/108 of the European Parliament and of the Council of 21 January 2002 (the UCITS Directive) were special investment funds. As was clear from Art 1(2) of that Directive, undertakings for collective investment in transferable securities were undertakings which, such as AUTs and OEICs, had as their sole object, in accordance with the objective pursued by the exemption provided for in Art 13B(d)(6) of the Sixth Council Directive (EEC) 77/388 and Art 135(1)(g) of Council Directive (EC) 2006/112, the collective investment in transferable securities of capital raised from the public. Further, funds which, without being collective investment undertakings within the meaning of the UCITS Directive, displayed characteristics identical to theirs and thus carried out the same transactions or, at least, displayed features that were sufficiently comparable for them to be in competition with such

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NEWS
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NLJ this week: Old rules, fresh warnings in employment law
Secondments, disciplinary procedures and appeal chaos all feature in a quartet of recent rulings. Writing in NLJ this week, Ian Smith, barrister and emeritus professor of employment law at UEA, examines how established principles are being tested in modern disputes
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The AI revolution is no longer a distant murmur—it’s at the client’s desk. Writing in NLJ this week, Peter Ambrose, CEO of The Partnership and Legalito, warns that the ‘AI chickens’ have ‘come home to roost’, transforming not just legal practice but the lawyer–client relationship itself
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A High Court ruling involving the Longleat estate has exposed the fault line between modern family building and historic trust drafting. Writing in NLJ this week, Charlotte Coyle, director and family law expert at Freeths, examines Cator v Thynn [2026] EWHC 209 (Ch), where trustees sought approval to modernise trusts that retain pre-1970 definitions of ‘child’, ‘grandchild’ and ‘issue’
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