43In that regard, it should be observed that the objective of exempting transactions connected with the management of special investment funds is, in particular, to facilitate investment in securities through investment undertakings by excluding the cost of VAT and, in that way, ensuring that the common system of VAT is neutral as regards the choice between direct investment in securities and investment through UCITS (see, to that effect, Abbey National, paragraph 62; JP Morgan Fleming, paragraph 45; Wheels, paragraph 19; and Case C‑275/11 GfBk [2013] ECR, paragraph 30).
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