40The fact that the unrealised gains relate to shares held by an investor who is no longer liable to tax in Germany in respect of the income he receives from those assets places the investor at a disadvantage in terms of cash flow by comparison with investors who remain liable to tax there, in so far as the conversion of interests in a limited partnership into shares in a capital company gives rise, in the first instance, to immediate taxation of the capital gains arising in relation to the interests concerned whereas, in the second instance, such gains are taxed only when they are actually realised. That different treatment as regards the taxation of capital gains is liable to deter investors who are not resident in Germany for tax purposes from contributing capital to a limited partnership governed by German law, since the conversion of an interest in that partnership into shares in a capital company will give rise to the tax disadvantage referred to above (see, to that effect, Case C-371/10 National Grid Indus [2011] ECR I-12273, paragraph 37).
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