EU lawyers say financial transaction tax is illegal

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Nick Huber
Freelance journalist
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The European Union’s legal team has expressed doubts about their chances of defeating a legal challenge to the financial transaction tax, also known as the Tobin tax.

In February, the UK lodged a challenge  with the European Court of Justice against the extra-territorial aspects of the proposal, and the potential impact the tax could have on the government's borrowing costs.

A 14-page memo circulating in Brussels warned that the proposed tax could exceed the 11 member states’ jurisdiction and “infringes upon the taxing competences” of countries that do not want to adopt it, the...

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