LORDS

Financial Transaction Tax

The Sub-Committee published the report Towards a Financial Transaction Tax? on 20 March 2012. This follows the publication of the Commission’s proposal for a Directive on a common system of Financial Transaction Tax (FTT). The report was debated 11 July 2012.

In a letter to the Financial Secretary to the Treasury, the Committee has expressed concerns about the Commission’s Financial Transaction Tax proposal. It states that, at present, the Committee remains to be convinced about the need for a financial transaction tax, and has launched an inquiry to seek clarity on a number of concerns. The Committee will reserve its conclusions on this proposal until its deliberations have been completed.

The purpose of the inquiry is to investigate the rationale behind the introduction of a financial sector tax, and will consider the potential risks, benefits and shortcomings of an FTT and its significance for the City of London. It will also assess whether an FTT could plausibly be implemented at an EU level, or whether it will only work effectively if implemented globally.

The Sub-Committee began taking oral evidence in November.

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    Glossary

    • Reports and associated evidence - reports and evidence featuring written submissions and corrected oral evidence published at the conclusion of Committee inquiries. Evidence is periodically updated over the course of an inquiry and is not finalised until the relevant Report is published.
    • Uncorrected oral evidence - transcripts of oral evidence not yet approved by the Committee or witnesses.
    • Other oral evidence - corrected transcripts of oral evidence, usually taken for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Evidence - written submissions and corrected oral evidence published for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Responses to Reports - Government Department and European Commission responses to reports.
    • Call for Evidence - request to submit evidence to a Committee inquiry.
    • Correspondence - correspondence received and sent by the Committee excluding ministerial correspondence.
    • Correspondence with Ministers - Ministerial correspondence received and sent by the Committee.
    • Progress of Scrutiny - records the decisions taken by the EU Committee on European documents that have been deposited in Parliament for scrutiny.

Scrutiny work

Financial Transaction Tax Update

EU Sub-Committee A conducted enhanced scrutiny on the FTT

Members interests

Members' interests in relation to this inquiry

The Members of the Sub-Committee have declared the following interests in relation to this inquiry:

Members are required to register any financial and non-financial interests that a reasonable member of the public might think would influence their actions in Parliament. The full text of the Register is available online: