BusinessCorporate FinanceUK struggles to duck Tobin tax

UK struggles to duck Tobin tax

A financial transactions tax could hit London despite the UK mooting an opt-out of the Europe-wide proposal

A FINANCIAL TRANSACTIONS tax could hit the City of London despite the UK planning to opt out of a Europe-wide plan being mooted in Brussels.

The European Commission is poised to propose a sweeping new regime that would apply to major financial instruments including derivates, bonds, shares and some currency transactions, the Financial Times reports.

Even if the UK opts out it could still be hit by the tax, which would affect traders based in other EU countries.

More to follow.

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