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 undertakings should also be regarded as special investment funds. However,
