Fund manager pays transfer tax on acquisition of shares

14 April 2021 - On 9 April 2021, the Supreme Court ruled that fund managers are accountable for transfer tax when acquiring shares in so-called real estate legal entities (OZR). This is despite the fact that the fund managers do not acquire an economic interest in these shares. The same applies if the underlying investors would not be responsible for transfer tax in the event of a direct purchase of the shares.