UK Pols Call EU Financial Transaction Tax Proposal 'Deadly'

Law360, New York (December 11, 2013, 6:59 PM EST) -- A U.K. House of Lords committee on Tuesday slammed a European Commission proposal that would allow 11 EU states to tax financial transactions, saying the "deadly" scheme would damage the U.K.'s markets because the country would have to collect the tax on behalf of the other 11 states.

In a report, the House of Lords' European Union Committee said it believes the tax will ultimately drive financial businesses from Europe and also argued the proposal violates enhanced cooperation standards that are supposed to respect the competences,...
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