Companies which carry on non-economic activities for VAT purposes (also known as non-business activities), such as holding shares, may be faced with recovering less input VAT on expenses incurred on issuing shares than previously. This is the effect of the decision of the European Court of Justice in Securenta Göttinger Immobilienanlagen und Vermögensmanagement AG, as the legal successor of Göttinger Vermögensanlagen AG v Finanzamt Göttingen (Case C-437/06), dated 13 March 2008.