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Europe rejects UK's financial transaction tax challenge

The EU's Court of Justice has rejected the UK's challenge to the introduction of an EU financial transactions tax (FTT), which ministers have said will damage British firms.

The FTT will be adopted by 11 EU states, but not by Britain, who stated they are prepared to take further legal action.

"The government is determined to continue to ensure that the interests of countries outside of the single currency, but inside the single market, are properly protected," a UK Treasury spokesman said.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Of the 27 EU member states, the 11 going ahead with the FTT are Germany, France, Italy, Spain, Belgium, Austria, Portugal, Greece, Slovenia, Slovakia and Estonia. Those countries have not yet decided how the tax will work which is why the Court said that the UK objection was premature.”

UK Prime Minister David Cameron has previously said the tax was "not a good idea" and that it would not work unless applied globally.

And UK Chancellor George Osborne has also raised concerns that the cost of the tax would be passed on to pensioners and savers.

But campaigners have said the tax would raise valuable funds for public services, and accused the UK government of "defending one rather rich square mile".

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business
 

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