Global FS Tax Newsflash - Legal challenge to the EU FTT – what happens now?
On Thursday last week, the UK launched a legal challenge against the EU Financial Transaction Tax (“FTT”). The UK has now received support for its challenge from Luxembourg, which publicly supported the UK’s position on Monday. In this Newsflash we set out the background to this challenge, its implications for the EU FTT and what institutions affected by the EU FTT should be doing now.
Global FS Tax Newsflash - Italian FTT: Latest developmentsThe Italian Financial Transaction Tax (“FTT”) has been in force since 1 March 2013 for the securities tax and the high frequency trading (“HFT”) tax on securities, with the derivatives tax and the HFT tax on derivatives coming into force on 1 July 2013. As with the other FTT regimes implemented recently (in particular the French FTT), many practical issues and questions of interpretation have been raised by market participants and industry professionals since the Italian FTT came into force. In recent weeks clarity has been reached on several points, whilst a number of questions remain open and under discussion. We have set out in our latest Newsflash an update on some of the key recent developments.