UK’s financial transaction tax challenge — mission accomplished

The Court of Justice of the European Union (CJEU) has decided that the UK’s legal claim in relation to the financial transaction tax (FTT) was admissible, but premature. However, as explained below, the CJEU’s rejection of the case is by no means a loss for the UK.

The UK was challenging the legality of the decision taken by the Council of the European Union to authorise the enhanced co-operation procedure (ECP) to establish an FTT for a subgroup of willing member states. The UK, and a number of other member states, had rejected the possibility of an FTT applying across the whole of the EU…

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