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April 2011


LSEG has provided a response to DG Taxud’s public consultation on the taxation of the financial services sector.

Our submission outlines our views to the taxation of Europe’s financial services sector. In summary:

  • There is no clear rationale for a Financial Transaction Tax (FTT) in the EU.  Such a tax is ultimately a tax on the consumers of financial services, not on the financial services industry.
  • An FTT would significantly reduce the liquidity and efficiency of Europe’s capital markets and substantially increase the cost of capital.
  • An FTT is a tax on savings and investments, and reduces the value of an ordinary individual’s pension over time.
  • The European Union should not act in a way that will undermine its attractiveness and international competitiveness.  Any actions should be consistent with developments internationally.
  • The control of risk and/or undesirable behaviour in should be undertaken by appropriate, evidence-based, financial services regulation.

LSEG Response to DG Taxud (pdffile pdf - 39 KB)

 

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