Helen Lethaby reviews recent developments affecting the City.
Key tax developments in recent weeks which affect the City are as follows.
The UK has failed in its bid to overturn the European Council’s decision authorising 11 member states to use the enhanced cooperation procedure to introduce a financial transaction tax (FTT). The case United Kingdom v Council of the EU (C-209/13) is reported at page 4.
The UK’s challenge presupposed that the extraterritorial features of the European Commission’s proposal would survive into the implemented version and would involve tax collection costs for non-participating member states. These features could include the imposition of the FTT on transactions where only one of the parties is based in a participating member state; or irrespective of the location of the parties ...
