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Finance (No. 2) Act 1997

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Changes over time for: Section 1

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Point in time view as at 19/07/2006.

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There are currently no known outstanding effects for the Finance (No. 2) Act 1997, Section 1. Help about Changes to Legislation

1 Charge to windfall tax.U.K.

(1)Every company which, on 2nd July 1997, was benefitting from a windfall from the flotation of an undertaking whose privatisation involved the imposition of economic regulation shall be charged with a tax (to be known as the “windfall tax”) on the amount of that windfall.

(2)Windfall tax shall be charged at the rate of 23 per cent.

(3)Schedule 1 to this Act (which sets out how to quantify the windfall from which a company was benefitting on 2nd July 1997) shall have effect.

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