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The Financial Transaction Tax: An Update |
April 26, 2013
Previously published on April 2013
On 18 April 2013 the UK government issued a legal challenge to the decision of the EU Council of 22 January 2013 which authorised a subset of the EU (not including the UK) to introduce a financial transaction tax under a little used procedure known as enhanced cooperation. The decision was subject to qualified majoring voting but the UK, Luxembourg, the Czech Republic and Malta abstained from voting, seemingly for legal and practical reasons. This note explains why the UK may have taken this step and what is likely to happen next. It also recommends that all those who will be potentially affected by the tax both continue their efforts to influence the decision-takers and consider their own positions, legal and operational.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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