CJEU requires actual neutralisation of tax discrimination against non-resident collective investment schemes or, where there is tax transparency, against their unitholders

9 de October, 2026

The Court of Justice of the European Union has ruled in response to the Supreme Court that imposing a heavier tax burden on U.S. regulated investment companies than on resident collective investment schemes constitutes a restriction on the free movement of capital. Although such a restriction may be neutralised by the applicable double taxation treaty, that neutralisation must not be a merely theoretical possibility but must actually and fully be implemented, including with respect to the unitholders.