On 27 April 2023, the ECJ (Case C-537/20) ruled that Article 63 of the Treaty on the Functioning of the European Union (the “TFEU”) must be interpreted as “precluding legislation of a Member State which makes non-resident specialised property funds partially liable to corporate income tax in respect of the income from property which they receive in the territory of that Member State, whereas resident specialised property funds are exempted from that tax”. The decision follows a request for preliminary ruling regarding the compatibility of German tax law (in force as of the date when the assessment was first made) with Article 63 of the TFEU (concerning the free movement of capital).