IMA: current FTT proposals will hit ordinary investors Investment Management Association | Investment Association 1 min read06 May 2014 Partner content Responding to today’s Joint Statement from 10 EU Member States on the Financial Transaction Tax (FTT), Jorge Morley-Smith – Director of Tax at the Investment Management Association – said: “No matter how it is dressed up, an FTT is a tax on savers and investors - not a tax on financial companies. It is harmful for the prospects of long-term savings, investment, and growth in the EU. The current Commission proposal could reduce the value of household savings by up to 16%. “We urge EU Member States to push back against the introduction of an EU FTT, and to demand both full transparency in negotiations and clear understanding of the impact.” Related Starmer Must Choose Between The US And Europe By Clive Lewis MP 08 Mar Read the most recent article written by Investment Management Association - UK equity income best-selling investment association sector for sixth consecutive month