PE information brief

Historically, mergers involving (sub) funds in the form of e.g. SICAV often triggered negative tax consequences at the level of German investors, as they would not be covered by the tax neutrality granted by the German Investment Tax Act. However, under new rules (adopted by the Upper House of the German parliament on 10 July 2009), mergers implying investment funds (e.g. FCP and SICAV type funds) can also benefit from tax neutrality at investor level, if conditions are met.

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