[Ftt] important   uk's legal challenge against the ftt rejected by european court of justice
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  • 1. De: DAVID HILLMAN <dhillman@stampoutpoverty.org> Asunto: [FTT] IMPORTANT - UK's legal challenge against the FTT rejected by European Court of Justice Fecha: 30 de abril de 2014 13:17:43 GMT+2 Para: FTT list AAA EU <eu-ftt-list@googlegroups.com>, ENOFAD <finance-and-development-europe@listen.attac.de>, FTT list <transactions-tax@googlegroups.com> Responder a: dhillman@stampoutpoverty.org Greetings One and All I am very pleased to inform you that (as expected) the UK's legal challenge against the FTT was rejected by the European Court of Justice (ECJ) in a ruling earlier this morning. Here is the press release from the ECJ: http://curia.europa.eu/jcms/upload/docs/application/pdf/20 14-04/cp140065en.pdf Here is the Judgement: http://curia.europa.eu/juris/document/document.jsf ? text=&docid=151529&pageIndex=0&doclang=en&mode=doc&dir =&occ=first&cid=312178 which concludes: On those grounds, the Court hereby: 1. Dismisses the action; 2. Orders the United Kingdom of Great Britain and Northern Ireland to pay the costs; 3. Orders the Kingdom of Belgium, the Federal Republic of Germany, the French Republic, the Republic of Austria, the Portuguese Republic, the European Parliament and the European Commission to bear their own costs.
  • 2. Please find below our media quotes, the link to our response on the Robin Hood website and further below a short piece in the Financial Times flagging up this defeat for George Osborne. This victory is brilliantly timed ahead of the expected 11 country FTT announcement next Tuesday (6 May). It is important for morale, confidence, momentum and impetus (i.e. the game going our way) and we need to use this to maximum advantage both against our opponents and internally with our own allies. Make sure you broadcast the news far and wide. All the very best David David Hillman Stamp Out Poverty – Director Robin Hood Tax – Steering Group Office: 020 7837 1212 M: 00 44 (0)7951 725 878 www.stampoutpoverty.org Skype: david.hillman500 ============================================================= ========================================== URL: http://robinhoodtax.org.uk/content/response-european- courts-justice-rejecting-uks-legal-challenge-against-ftt For immediate release: In response to the European Courts of Justice rejecting the UK's legal challenge against the FTT David Hillman, spokesperson for the Robin Hood Tax
  • 3. campaign, said: "George Osborne has gone to Europe to bat for the bankers, but he's been bowled first ball. "This futile legal challenge tells you all you need to know about the Government's misguided priorities: it would rather defend a privileged elite in the City than support a tax that could raise billions to tackle poverty and protect public services. "Instead of trying to stop other countries taxing their financial sectors, our Government should follow their lead, stand up to vested interests and harness the City's excessive wealth for the wider benefit of society. "Complaining that the City will be hit by a European FTT is a clear case of double standards - almost half of the £3bn revenue from our own FTT, the stamp duty on shares, comes from non-UK residents."
  • 4. 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 UK's own Stamp Duty on shares, itself a financial transaction tax, raises £3bn a year for the Exchequer - 40% of which comes from non-UK-residents. Source: (p.8) http://robinhoodtax.org.uk/sites/default/files/The%20Economic %20Consequences%20of%20the%20EU%20Proposal%20for%20a %20Financial%20Transaction%20Tax.pdf FTTs are proven revenue raisers - seven countries, including the UK, Switzerland and Hong Kong, already raise around £15bn annually through long-standing financial transaction taxes (source: Persaud, 2012). The European Courts of Justice ruling comes as the eleven implementing countries are expected to make a joint declaration on the scope of the FTT in the margins of the ECOFIN meeting on 6 May and shows that the tax is on course to implementation. The Robin Hood Tax campaign is a coalition of 117 UK organisations including Barnardo’s, Comic Relief, Oxfam, Friends of the Earth and Stamp Out Poverty: 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.
  • 5. The campaign is calling for financial transaction taxes to help tackle poverty and climate change, at home and abroad. ============================================================= ============ http://www.ft.com/cms/s/0/e3a40298-cfaf-11e3-9b2b- 00144feabdc0.html#axzz30AdfbvIB Osborne set for defeat over financial transaction tax By George Parker George Osborne is braced for defeat in the European Court on Wednesday in his opening bid to protect the City of London from the fallout of a so-called “Robin Hood tax” on financial transactions. Countries including France, Germany, Italy and Spain want to impose a tax on financial transactions, and Mr Osborne fears their plan would affect other member states including Britain. The European Court of Justice will rule on Mr Osborne’s legal challenge to the plan, but the Treasury fears the case will be thrown out. However, the chancellor will insist he was right to challenge the principle of the Tobin tax at the outset, on the grounds that it will ensure he has a legal right to launch another challenge at a later stage.
  • 6. The Treasury’s submission to the European Court last year said it accepted that the Luxembourg judges might decide that the appeal was “premature”, because no detailed plans for the implementation of the tax have been set out. Defeat would be a setback for the chancellor, who is looking to the ECJ to protect Britain and the City of London from eurozone measures that could damage the UK’s financial services sector. As designed, the tax could affect many transactions performed outside the FTT area, triggering worries about its extraterritorial effect: so far 11 EU member states are pursuing the plan through the so-called “enhanced co- operation” method. The City estimates the FTT as currently designed would lead to a €4.4bn reduction in the value of equity and debt holdings in the UK. -- You received this message because you are subscribed to the Google Groups "transactions tax" group. To unsubscribe from this group and stop receiving emails from it, send an email to transactions-tax+unsubscribe@googlegroups.com. To post to this group, send email to transactions-tax@googlegroups.com. Visit this group at http://groups.google.com/group/transactions-tax. For more options, visit https://groups.google.com/d/optout.
  • 7. The Treasury’s submission to the European Court last year said it accepted that the Luxembourg judges might decide that the appeal was “premature”, because no detailed plans for the implementation of the tax have been set out. Defeat would be a setback for the chancellor, who is looking to the ECJ to protect Britain and the City of London from eurozone measures that could damage the UK’s financial services sector. As designed, the tax could affect many transactions performed outside the FTT area, triggering worries about its extraterritorial effect: so far 11 EU member states are pursuing the plan through the so-called “enhanced co- operation” method. The City estimates the FTT as currently designed would lead to a €4.4bn reduction in the value of equity and debt holdings in the UK. -- You received this message because you are subscribed to the Google Groups "transactions tax" group. To unsubscribe from this group and stop receiving emails from it, send an email to transactions-tax+unsubscribe@googlegroups.com. To post to this group, send email to transactions-tax@googlegroups.com. Visit this group at http://groups.google.com/group/transactions-tax. For more options, visit https://groups.google.com/d/optout.