Financial transactions tax: UK launches legal challenge

The United Kingdom Government launched a legal challenge against plans for a European financial transactions tax (FTT) in March 2014 amid fears it could have a damaging impact on the UK.

Chancellor George Osborne said an application had been lodged at the European Court of Justice to challenge the decision allowing 11 members of the European Union to press ahead with the plans.

The ECJ ruling on the UK challenge to the FTT was expected on the 30 April 2014 (see later record in ESO)

• Primary Source

ESO: Background information: Financial transaction tax tabled by European Commission http://www.europeansources.info/record/financial-transaction-tax-tabled-by-european-commission/

Huffington Post, 19.04.13: European Financial Transactions Tax: Government Launches Legal Challenge Against FTT http://www.huffingtonpost.co.uk/2013/04/19/european-financial-transaction-tax_n_3118571.html

European Commission; DG Taxation and Customs Union; Taxation: Other taxes: Financial Sector: Taxation of the financial sector http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm

Open Europe: Flash Analysis, 19.04.13: UK Government launches legal challenge against controversial EU Financial Transaction Tax - what does it mean and what happens next? http://www.openeurope.org.uk/Article/Page/en/LIVE?id=11246&page=FlashAnalysis

EUObserver, 22.04.13: EU governments get cold feet on transactions tax http://euobserver.com/economic/119882

Blog: Worden Report, 21.04.13: Britain Challenges the E.U.’s Financial Transactions Tax http://thewordenreport.blogspot.co.uk/2013/04/britain-challenges-eus-financial_3486.html

EurActiv, 23.04.13: Europe's Tobin tax plan challenged by Italy, UK http://www.euractiv.com/euro-finance/tobin-tax-threat-italy-uk-news-519277

Blog: Open Europe, 23.04.13: Internal documents reveal countries' concerns with FTT proposal (or when ideology meets economic reality) http://openeuropeblog.blogspot.co.uk/2013/04/exclusive-internal-documents-reveal.html

http://www.parliament.uk/briefing-papers/SN06184 http://www.parliament.uk/briefing-papers/SN06184

Blog: LSEEuropp, 28.05.13: Under the EU’s proposed Financial Transactions Tax, non-participating member states may bear the burden of deeper tax integration without reaping the benefits. http://blogs.lse.ac.uk/europpblog/2013/05/28/eu-uk-ftt/

BBC News, 31.05.13: Lord Lawson condemns 'perverse' EU financial tax plan http://www.bbc.co.uk/news/business-22723385

UK: HM Treasury: Letter from the Chancellor to the Chief Executive of the European Banking Federation, 05.06.13 https://www.gov.uk/government/publications/letter-from-the-chancellor-to-the-chief-executive-of-the-european-banking-federation

EurActiv, 25.04.14: EU court seen rejecting UK challenge to transaction tax http://www.euractiv.com/sections/euro-finance/eu-court-seen-rejecting-uk-challenge-transaction-tax-301755

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