"This Committee has undertaken a detailed analysis of the European Commission’s controversial proposals for a Financial Transaction Tax (FTT). We have been disappointed in what we have discovered. We have found the Commission’s proposed model wanting in many respects, and unlikely to fulfil the objectives that the Commission itself has set. We find the Commission’s proposed residence principle to be impractical and unworkable, and conclude that there is a significant risk that financial institutions would relocate outside the EU if an FTT is introduced. In the light of these flaws, it is our view that the Government should refuse to agree to this proposal. Yet the debate on taxation of the financial sector should not be lightly dismissed. It has been suggested that an FTT may be adopted by some or all euro area Member States, or that a tax of a similar kind to the UK Stamp Duty might be pursued. The implications for the UK and the EU as a whole are considerable, and we urge the Government to redouble their efforts to ensure that the UK is able to influence the ongoing debate. "
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