European Court of Justice knocks back UK Treasury’s FTT challenge
Court rules that legal challenge is premature
The European Court of Justice has rejected a UK Treasury challenge to the European Union's planned financial transaction tax (FTT), indicating that the proposals are not yet detailed enough to judge their compliance with existing EU legislation.
"The rejection is no big surprise," says Mark Sheiham, a London-based tax partner at international law firm Simmons & Simmons. "The ruling essentially states that the Treasury's challenge to the FTT was premature. It didn't make a judgement on whether
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