The proposed EU Financial Transaction Tax

Neil Macleod (Counsel at Fried Frank Harris Shriver & Jacobson (London) LLP, London, UK)
Robert Gaut (Partner at Fried Frank Harris Shriver & Jacobson (London) LLP, London, UK)

Journal of Investment Compliance

ISSN: 1528-5812

Publication date: 28 June 2013



The purpose of this paper is to explain the background, scope, applications, criticisms, and UK legal challenge of the European Union's Financial Transaction Tax (FTT).


The paper explains the “enhanced cooperation” from the 11 member states implementing the FTT; revenue expected from the FTT; financial transactions, instruments, and institutions to which the FTT applies; territorial application of the FTT; chargeability and payment of the FTT; an anti‐abuse rule; a proposed implementation timetable; criticisms of the FTT; and the UK's legal challenge.


The UK is concerned that the FTT will have an adverse impact on its financial services sector and therefore has launched a legal challenge, increasing the likelihood that the tax will be changed before it is due to apply at the beginning of 2014.


The paper provides practical guidance by expert financial services and tax lawyers.



Macleod, N. and Gaut, R. (2013), "The proposed EU Financial Transaction Tax", Journal of Investment Compliance, Vol. 14 No. 2, pp. 61-65.

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Copyright © 2013, Emerald Group Publishing Limited

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