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ARTICLE · 09 AUGUST 2022

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On 29 September 2021, the German Federal Fiscal Court ("BFH") gave a ruling on the tax legal concept of economic ownership in the context of securities lending.

GermanyTechnology
Robert Welzel
Robert Welzel
Steffen Gnutzmann
Steffen Gnutzmann

On 29 September 2021, the German Federal Fiscal Court ("BFH") gave a ruling on the tax legal concept of economic ownership in the context of securities lending. The German tax authority in two recent decrees shows a tendency to allocated securities out on loan to the lender (not: the borrower) under its concept of economic ownership. The BFH's decision can be interpreted as limiting an over-shooting practice of tax authorities.

The case recently decided by the BFH concerned an insurer that entered into global securities lending agreements with multiple banks, according to which both parties could be the lender as well as the borrower. The court's ruling however concerns the tax treatment of securities out on loan as well as the corresponding receivable from the viewpoint of the lender.

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