What's new
Labour's plans for an extended UK FTT
The Labour Party is considering including in its manifesto proposals to extend UK stamp duty to a wide range of financial instruments.
Spanish FTT, DST and other tax measures at a dead end?
The Spanish Congress has rejected a draft National Budget package including proposals for tax initiatives covering both a Spanish FTT and DST.
FTT proposal to be reborn?
It has been reported that proposals have been put forward to introduce a restricted FTT focussed on transfers of listed securities.
Spanish FTT: the Spanish Government publishes a first draft law
The Spanish Government has proposed the introduction of a local FTT to apply to transactions in shares in listed Spanish companies at a rate of 0.2%.
Brexit casts further doubt on the FTT
Member States are concerned over the impact of introducing an FTT on their ability to attract post-Brexit business.
Pensions stumbling block for FTT?
Press reports suggest that disagreements over the treatment of pension funds under the FTT proposal risk the future of the proposal.
Changes to the French FTT: 2017 Finance Act measures
The 2017 Finance Act provides for the increase in the rate of French Financial Transaction Tax to 0.3% from 01 January 2017 and its extension to intraday trading from 01 January 2018. (26 January 2017)
FTT: agreement in principle reached?
The threat of the FTT becoming a reality has re-emerged following an agreement in principle by Finance Ministers from the ten participating Member States. (13 October 2016)
FTT: the forgotten tax
Another Council report highlights the lack of progress made by participating Member States in tackling fundamental disagreements as to the scope of the proposed FTT. (07 June 2016)
EU Financial Transaction tax
An overview of proposals for a multilateral EU Financial Transaction Tax (FTT), incorporating major developments up to 01 October 2016 and looking ahead to the rest of 2016 and beyond. (04 October 2016)
FTT Microsite sections
Current ECP based FTT initiative
Following the breakdown of negotiations between all 27 EU Member States over a proposed EU wide FTT, those Member States still keen to pursue an FTT turned to the enhanced co-operation procedure (ECP) as a possible way forward, with the support of the Commission. The ECP is a special legislative process which can be employed to circumvent the normal EU rules requiring the unanimous consent of all 27 EU Member States to approve new EU tax legislation.
On 14 February 2013, the Commission released its draft Directive for the introduction of an FTT under the ECP. The new proposal is similar to the Commission's original June 2011 proposal for an EU wide FTT, albeit now applicable only to the (currently) 11 Member States which have chosen to participate in the ECP.
FTT implementation timeline
An interactive timeline tracking important past, present and scheduled future developments in the implementation of a multilateral EU FTT under the enhanced co-operation procedure (ECP).
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
Key contacts
If you have any questions, contact a member of the Financial Transaction Taxes team for assistance:
