Court of Justice of the European Union rejects UK bid against FTT as premature

MarketWatch: Europe’s top court Wednesday threw out a legal challenge by the U.K. that sought to stop plans by 11 euro-area countries to impose a broad tax on financial transactions.

The U.K. said the 11 countries–among them Germany and France–shouldn’t use a special European Union coordination procedure, known as “enhanced cooperation,” to launch the financial-transactions tax, lodging its legal challenge last April. The objection was based on the claim that the levy could affect transactions outside the 11 countries adopting it and impact EU member states that opted out of it.

But the European Court of Justice rejected the U.K.’s call on the grounds that it was premature and that its arguments were directed at elements of a future levy rather than the cooperation agreement in question.

The full article is here.

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