On 30 April 2014, the European Court of Justice rejected the UK Government's application for the annulment of the Council Decision authorizing enhanced cooperation in the area of financial transaction tax ("FTT"). The UK Government claimed that the Decision would have extraterritorial effect and result in costs for non-participating states. The eleven participating EU member states (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have until the EU May elections to reach a compromise for implementing FTT.

The decision is available at: http://curia.europa.eu/juris/document/document_print.jsf;jsessionid= 9ea7d0f130d660b3aecaa58a4668ac05b46871f0ad37.e34KaxiLc3eQc40LaxqMbN4OaNiRe0? doclang=EN&text=&pageIndex =0∂=1&mode=DOC&docid=151529&occ=first&dir=&cid=217403

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