While every attempt will be made to ensure that information provided is accurate at the time of publication, it should be treated as guidance only and does not constitute legal or professional advice. Tax law and guidance changes frequently and readers are advised to consult the current relevant publication for the most up-to-date information on this topic.

The proposed FTT, which is due to come into force on 1 January 2014, will apply to each party to a transaction that is a financial institution and to each link in a chain of transactions. This can lead to multiple charges for effectively the same transaction, and is likely to impact heavily on many UK corporate treasury functions with risk management centralised in a single entity. UK corporate groups should, therefore, continue to monitor the progress of the directive as the detail is finalised...

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