In response to claim FTT may be 'illegal'

Monday, September 9, 2013

For immediate release:

A leaked non-binding legal opinion from the European Council legal service states that the design of a specific element of the proposed Financial Transaction Tax - the residence principle - may be illegal.
 
In response, Simon Chouffot, spokesperson for the Robin Hood Tax campaign, said:
 
"The FTT's opponents would love to present this non-binding legal opinion as a wall that will block progress but it is likely to prove no more than a hurdle on the road to making banks pay their fair share. 

"The fact is that some EU countries already have FTTs that are extra-territorial in nature - just look at the UK's own Stamp Duty on shares. Rather than going to court to block European efforts to ensure taxpayers get a fair deal from the banking sector, George Osborne should get on board. 

"This is only a non-binding legal opinion but if necessary it should not be beyond the wit of European leaders to tweak their proposed FTT so that it is workable and does not fall foul of European legislation." 

 

For more information contact:

Simon Chouffot: 07725 879 580 simon@robinhoodtax.org.uk

Jon Slater: 07876 476 403 jslater@oxfam.org.uk

Notes to editors:

The Robin Hood Tax campaign is a coalition of 117 UK organisations including Barnardo’s, Comic Relief, Oxfam, Friends of the Earth, Stamp Out Poverty and the TUC: www.robinhoodtax.org.uk.

The campaign has more than 250,000 supporters and is endorsed by over 1,000 economists and politicians from all main political parties.

The campaign is calling for financial transaction taxes to help tackle poverty and climate change, at home and abroad.

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