European Tax: German Federal Ministry issued long-awaited decrees on cum/cum-transactions and securities lending

As an aftermath to recent fiscal court decisions on cum/cum transactions, the German Federal Ministry of Finance (“BMF”) has reconsidered its guidance on the transfer of beneficial ownership in securities lending transactions and in cum/cum-transactions.

Under the new decrees, every securities lending transaction will have to be reviewed on a case-by-case basis to determine whether the beneficial ownership in the underlying shares has been transferred and whether the GAAR may apply.

The full story is available at https://www.europeantax.blog/post/102h39k/german-federal-ministry-issued-long-awaited-decrees-on-cum-cum-transactions-and-s

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