Purpose – The purpose of this paper is to explain the background, scope, applications, criticisms, and UK legal challenge of the European Union's Financial Transaction Tax (FTT). Design/methodology/approach – The paper explains the “enhanced cooperation” from the 11 member states implementing the FTT; revenue expected from the FTT; financial transactions, instruments, and institutions to which the FTT applies; territorial application of the FTT; chargeability and payment of the FTT; an anti‐abuse rule; a proposed implementation timetable; criticisms of the FTT; and the UK's legal challenge. Findings – The UK is concerned that the FTT will have an adverse impact on its financial services sector and therefore has launched a legal challenge, increasing the likelihood that the tax will be changed before it is due to apply at the beginning of 2014. Originality/value – The paper provides practical guidance by expert financial services and tax lawyers.
Journal of Investment Compliance – Emerald Publishing
Published: Jun 28, 2013
Keywords: European Union; Financial Transaction Tax; Taxes; United Kingdom
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