# Council Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital, Article 5: Transactions not subject to indirect tax

Extent: E+W+S+N.I.

1. Member States shall not subject capital companies to any form of indirect tax whatsoever in respect of the following:
(a) contributions of capital;
(b) loans, or the provision of services, occurring as part of contributions of capital;
(c) registration or any other formality required before the commencement of business to which a capital company may be subject by reason of its legal form;
(d) alteration of the constituent instrument or regulations of a capital company, and in particular the following:
(i) the conversion of a capital company into a different type of capital company;
(ii) the transfer from a Member State to another Member State of the centre of effective management or of the registered office of a capital company;
(iii) a change in the objects of a capital company;
(iv) the extension of the period of existence of a capital company;
(e) the restructuring operations referred to in Article 4.
2. Member States shall not subject the following to any form of indirect tax whatsoever:
(a) the creation, issue, admission to quotation on a stock exchange, making available on the market or dealing in stocks, shares or other securities of the same type, or of the certificates representing such securities, by whomsoever issued;
(b) loans, including government bonds, raised by the issue of debentures or other negotiable securities, by whomsoever issued, or any formalities relating thereto, or the creation, issue, admission to quotation on a stock exchange, making available on the market or dealing in such debentures or other negotiable securities.

---
Source: https://www.legislation.gov.uk/eudr/2008/7/article/5 (the official version)
Page: https://openlegislation.uk/eu-directive-2008-7/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.