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Whatever happened to EU Financial Transaction Tax?

Monday, February 27, 2017 4:31
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One of the oft quoted pieces when we discuss where companies may move to in Europe after Brexit, is that the incoming Financial Transaction Tax (FTT) will impose future costs. These costs should therefore be set against the benefits of re-locating away from the UK. Overall, the FTT will act a counter-weight to the loss of financial passporting.

So far, so good. The one interesting fly in the ointment is that FTT shows every sign of having been quietly forgotten by the EU.

The last activity on the EU website is from, er, 2014. Whilst in 2015the EU won a court case that meant the UK could not opt-out of any future FTT , nothing more has been seen or heard of it since.

All the initial proposals seem to have been passed, but then countries started withdrawing. Last year, they were down to the nine which would be the minimum required.

Nothing has happened since last year, strongly suggesting with event moving so quickly in Europe that this is now a dead duck. Certainly for the foreseeable future.

Which from a Capitalist perspective is great, as this is a very expensive tax on finance. From a UK perspective a shame, as this would indeed make plenty of firms think twice about the costs of taking on EU domicile only.


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