The European Court of Justice on Wednesday (30 April) rejected a UK legal challenge to plans by eleven countries to set up a financial transactions tax (FTT).
The main thrust of London's opposition to the tax relates to the so-called "residence" and "issuance" principle in the proposed bill, which means that some traders operating outside the FTT-11 would still be liable to pay the levy. The UK, which has the largest financial services sector in the EU, says that it would be hit by the ...
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