Judgment of the Court (Second Chamber) of 1 October 2009 (Reference for a preliminary ruling from the Special Commissioners of Income Tax, London –United Kingdom) — HSBC Holdings plc, Vidacos Nominees Ltd v The Commissioners of Her Majesty’s Revenue & Customs

(Case C-569/07) (1)

(Indirect taxation - Raising of capital - Levying of a duty of 1,5 % on the transfer or issue of shares into a clearance service)

2009/C 282/10

Language of the case: English

Referring court

Special Commissioners of Income Tax, London

Parties to the main proceedings

Applicant: HSBC Holdings plc, Vidacos Nominees Ltd

Defendant: The Commissioners of Her Majesty’s Revenue & Customs

Re:

Reference for a preliminary ruling — Special Commissioners of Income Tax, London — Interpretation of Articles 10 and 11 of Council Directive 69/335/EEC of 17 July 1969 concerning indirect taxes on the raising of capital (OJ 1969 L 249, p. 5), as amended by Council Directive 85/303/EEC of 10 June 1985 (OJ 1985 L 156, p. 23), and of Articles 43, 49 and 56 EC — Offer by a company (‘A’) established in a Member State to acquire the shares of a company (‘B’) established in another Member State in exchange for the issue of shares in company A on the stock market of the other Member State — Imposition of a duty of 1.5 % on the transfer or issuing of shares in a clearance service

Operative part of the judgment

Article 11(a) of Council Directive 69/335/EEC of 17 July 1969 concerning indirect taxes on the raising of capital, as amended by Council Directive 85/303/EEC of 10 June 1985, must be interpreted as meaning that it prohibits the levying of a duty, such as that at issue in the main proceedings, on the issue of shares into a clearance service.

(1)  OJ C 64, 8.3.2008.