However, the political impetus behind the tax has stalled in the past year although France and Germa

The main thrust of London's opposition to the tax relates to the so-called "residence" trump hotels and casino resorts and "issuance" principle in the proposed bill, which means that some traders operating outside the FTT-11 would still be liable to pay the levy. The UK, which has the largest financial services sector in the EU, says that it would be hit by the tax as a result.
However, in a statement on Wednesday (30 April), the Luxembourg-based court said that "the Court considers that the two arguments put forward by the United Kingdom are directed at elements of a potential FTT and not at the authorisation to establish enhanced cooperation, and consequently those arguments must be rejected and the action must be dismissed."
A spokesman for the UK Treasury added that "today's decision confirms the UK will be able to challenge the final proposal for a Financial Transaction Tax if it is not in our national interest and undermines the integrity of the single market. We risked not being able to do that if we had not made this challenge now."
Campaigns for an EU-level tax on financial transactions grew following the 2008-9 financial crisis. Having initially rejected plans from the European Parliament to propose a tax, EU taxation commissioner Algirdas Semeta drafted legislation for an FTT across the entire EU in 2011.
However, after a handful of countries, both inside trump hotels and casino resorts and outside the eurozone, vetoed the plan, eleven countries agreed to activate the EU's 'enhanced co-operation' clause in early 2013 which allows a group of countries to proceed.
France and Germany have led support for the tax, often dubbed by supporters as the 'Robin Hood tax', with policy-makers seeing it as a way to make the financial sector bear some of the costs of the economic crisis and a measure to dampen speculation on the bond and derivative markets.
The commission says that 30-35 billion in revenue would be raised trump hotels and casino resorts each year in the 11 countries involved, although its impact assessment trump hotels and casino resorts indicates that the tax could also lead to a 0.3 percent reduction to the EU's GDP.
However, the political impetus behind the tax has stalled in the past year although France and Germany have pledged to reach a broad agreement amongst national civil servants on the proposal before May's European trump hotels and casino resorts elections.
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