U.K. Loses Early Court Challenge Against Transaction Tax Bid
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The U.K. lost a bid to counter plans by 11 European Union nations for a common financial-transactions tax, after the bloc’s top court said it was too soon to rule on the legality of the move.
The European Court of Justice rejected calls from Britain for the annulment of a January 2013 decision authorizing talks on the tax plan by the coalition of countries, saying that it can’t prejudge the outcome of negotiations. The ruling means the U.K. will need to decide whether to embark on a further court challenge against the tax, if a blueprint for the measure is adopted by participating nations.