UK Challenges EU's Transactions Tax Proposal

Law360, New York (April 22, 2013, 5:55 PM EDT) -- The U.K. said Monday that it had lodged a suit challenging the European Union’s proposal for an 11-member state tax on financial transactions over concerns it will adversely affect nonparticipating countries.

Chancellor of the Exchequer George Osborne said while the U.K. is not against a financial transaction tax in principle, it is concerned about “the extra-territorial aspects” of the proposal by the European Commission.

“I think that concern is shared by some other countries. So we have launched a legal challenge against the authorization decision,” Osborne...
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