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Eversheds comment: 2016 start date illustrates ongoing challenges for EU FTT

  • United Kingdom

    06-05-2014

    Commenting on news that a EU-wide FTT is set to be effective from 2016, Ben Jones, tax expert at law firm Eversheds, says:

    “Given that on original conception, the FTT was scheduled to commence on 1 January 2014, and that the later proposals under enhanced cooperation were intended for implementation mid-2014, this revised 2016 start date illustrates the difficulties being faced by even the 11 willing member states in reaching agreement on this tax. Even if the participating member states can eventually agree, there remains the potential for further legal challenge to the tax by non-participating member states, following the UK’s recent challenge in the European Court of Justice, which failed for being premature rather than on substantive grounds.”

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