Ten of the 11 EU member states which supported the financial transaction tax (FTT) are set to introduce by 2016, following the dismissal of the UK legal challenge by the European Court of Justice.
The Federal Court of Appeal (FCA) decision in Canada v Lehigh Cement Limited upheld the Tax Court of Canada’s verdict that there is no Canadian tax payable in the case and went further in rejecting the revenue’s attempts at broadening the scope of the application of the anti-avoidance rule.
George Osborne, the Chancellor of the Exchequer, has lost his appeal against a European financial transaction tax (FTT), but further challenges over the substantive issues are expected.
