The American economist James Tobin first made the suggestion for a tax on currency transactions to dissuade short term currency speculation in the 1970s. Recently the idea of a more general 'Tobin-like' tax on financial transactions has been discussed, in the wake of the global financial crisis. In January 2013 eleven Member States agreed to pursue the introduction of a Tobin-like tax, as consensus on an EU-wide tax proved impossible. The UK is not one of the participating States. This note looks at these developments, while a second note (SN1346) gives some historical background to the issue.