The proposed EU Financial Transaction Tax

The proposed EU Financial Transaction Tax 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

The proposed EU Financial Transaction Tax

Journal of Investment Compliance, Volume 14 (2): 5 – Jun 28, 2013

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Publisher
Emerald Publishing
Copyright
Copyright © 2013 Emerald Group Publishing Limited. All rights reserved.
ISSN
1528-5812
DOI
10.1108/JOIC-05-2013-0020
Publisher site
See Article on Publisher Site

Abstract

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

Journal of Investment ComplianceEmerald Publishing

Published: Jun 28, 2013

Keywords: European Union; Financial Transaction Tax; Taxes; United Kingdom

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