UK FTT objection may restrict instruments to be taxed

EU11 Finance Ministers meet May 6

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Mark Persoff, partner in financial services, Ernst & Young The UK’s case has in effect been put on hold, pending the passing into law of any revised European Union (EU) financial transaction tax (FTT), if indeed any FTT is passed. We expect the next substantive developments to take place following the meeting of the EU11 finance ministers, on May 6 in Brussels. France and Germany have previously said they are looking to achieve some sort of agreement amongst the EU11 before the Euro