In a decision dated November 3, 1994, the Administrative Court of Appeal of Nancy confirmed the position of the Administration linked to the possibility for stockbrokers to divide cash investments into sectors for VAT purposes.

This decision confirmed the SLF letter sent to the stockbrokers union dated April 19,1979. However, this legal decision does not shed light on the notion of separate field of activity corresponding to the meaning given by Article 213 of Appendix II of the French General Tax Code.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. For additional information contact Claire Acard on 33/(1)/55 61 10 10 or Lionel Benant on 33/ The members of ARCHIBALD ANDERSEN Association d'Avocats (S.G. Archibald and Arthur Andersen International) are registered with the Hauts-de-Seine Bar and the Lyon Bar.
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