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EU financial transaction tax illegal, say lawyers A Tobin tax is intended to affect all share, bond and currency transactions Continue reading the main story Related Stories Cameron raps EU financial tax plans UK should quit EU, says Lord Lawson UK in legal challenge to FTT tax Imposing a financial transaction tax (FTT) in 11 European Union member states would be illegal, according to the bloc's lawyers. The controversial tax aims to discourage risk-taking by taxing transactions of shares, currencies and bonds. The 14-page legal opinion concludes the move would exceed member