Tax

It was settled law that the mere acquisition and holding of shares was not to be regarded as an economic activity within the meaning of the Sixth Council Directive (EEC) 77/388 (on the harmonization of the laws of the Member States relating to turnover taxes—Common system of value added tax: uniform basis of assessment) (the Sixth Directive). The mere acquisition of financial holdings in other undertakings did not amount to the exploitation of property for the purpose of obtaining income therefrom on a continuing basis because any dividend yielded by that holding was merely the result of ownership of the property and not the product of an economic activity within the meaning of the Sixth Directive. Transactions that consisted of obtaining income on a continuing basis from activities which went beyond the acquisition and sale of securities, such as transactions carried out in the course of a business trading in securities, could fall within