78:, whereby the average post-tax profit in the four years after privatization was multiplied by nine to give the value for the purposes of the tax. The difference between this value and the total market capitalisation based on the company's flotation price was subject to a 23% "windfall tax". The tax was charged to the company and was payable in two instalments on 1 December 1997 and 1 December 1998.
62:
government, which had seen the privatisation of many state-owned assets, at prices which many considered too low. It aimed to "put right the bad deal which customers and taxpayers got from the privatisation of the utilities". The tax produced an estimated one-off income to the government of £5
167:
bank, which could include a windfall tax or the government taking an equity stake. In the event, the bank was not sold on to private investors, but instead came under UK government ownership. It was returned to the private sector in the 2010s.
194:. There were conflicting reports in the media over whether the government was looking into implementing the tax, with suggestions that government ministers were both interested in and opposed to the idea. Despite the
673:"'A windfall tax that give £600 a year to those that need it most... would be a welcome relief' @JimfromOldham lays out Labour's plans to deal with the cost-of-living crisis #Newsnight"
176:
Calls were made for a windfall tax on energy companies during the summer of 2008 in the wake of energy price rises and the environmental record of the oil and gas industry. 120 Labour
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have been applied on several occasions since 1997 by United
Kingdom governments, in response to company profits that were considered to be excessive or unexpected.
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145:, the regional electricity companies and the privatized water and sewerage companies (including such companies now forming part of Hyder,
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reported in
January 2008 that the government was considering ways of maximising returns to the treasury from the sale of the troubled
67:, a welfare-to-work program that sought to tackle long-term unemployment, as well as providing capital investment for schools and the
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533:
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212:, who described the recent energy price rises of more than 10% as "unacceptable", and called for a one-off emergency tax.
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From 1997 to 2022, no further windfall taxes were levied in the UK. However, calls were made for new ones. The
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248:'s government announced a windfall tax for energy companies, to help fund a package to relieve the
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campaign to impose a "windfall levy" on the privatised utilities. The tax came after 18 years of
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confirmed at the Labour Party conference later that month that the idea had been scrapped.
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Labour announced plans to have an annual windfall tax to give back to the least wealthy.
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later reporting in early
September that such a windfall tax was "still an option", then
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224:. Labour said the proposed tax would raise £11bn and aid in the transition to a
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A windfall tax on oil and gas companies featured in the Labour manifesto in the
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726:
Labour election manifesto 1997 - New Labour, Because
Britain Deserves Better
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in 1997 introduced a windfall tax on what were described as "the excess
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586:"Labour Conference: Unions flex muscles over tax and workers' hours"
329:"House of Commons Hansard Written Answers for 10 Jul 1997 (pt 22)"
642:"Jeremy Corbyn launches most radical Labour manifesto in decades"
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The issue was raised again in 2013, led by former Prime
Minister
54:". It followed from their manifesto commitment made during the
195:
695:"A striking U-turn to alleviate the UK cost of living crisis"
101:(and the Electricity (Northern Ireland) Order 1992) and the
454:"Cardiac arrest in Glasgow - and still the clunking mantra"
401:"Campaigners call for windfall tax on North Sea oil firms"
743:
Criticism of proposed windfall tax on oil company profits
738:
Windfall Tax (UK) in the Global
Investor Finance Glossary
612:"Sir John Major calls for windfall tax on energy profits"
534:"Windfall tax won't avert fuel crisis says minister"
81:
The companies affected were those privatized by the
240:2022 Conservative announcement of a windfall tax
74:The tax was calculated by means of a nine times
350:Parker, George; Croft, Jane (20 January 2008).
375:"British Gas adds fuel to windfall tax debate"
307:"New Labour, because Britain deserves better"
180:supported the call, as well as columnist for
8:
759:Corporate taxation in the United Kingdom
481:"Good for the country, good for Labour"
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352:"Windfall tax plan for N Rock buyers"
232:2022 Labour proposal for windfall tax
216:2019 Labour proposal for windfall tax
7:
399:Thornton, Philip (23 October 2006).
63:billion, which was used to fund the
584:Kirkup, James (22 September 2008).
559:"Windfall tax is 'still an option'"
507:"Ministers 'consider' windfall tax"
427:"Pressure for windfall tax mounts"
34:1997 Taxes on privatised utilities
25:
190:and the left-wing pressure group
172:Windfall tax on energy companies
705:from the original on 2022-05-27
452:Toynbee, Polly (26 July 2008).
373:Elliott, Larry (31 July 2008).
532:Waugh, Paul (28 August 2008).
479:Cannon, Zoe (27 August 2008).
1:
745:– Edward Harrison, April 2008
309:. Political Science Resources
283:. HM Treasury. Archived from
117:(later BG plc and Centrica),
18:Windfall Tax (United Kingdom)
127:Northern Ireland Electricity
83:Telecommunications Act 1984
780:
105:. The firms affected were
250:UK cost of living crisis
538:London Evening Standard
69:University for Industry
362:on 29 September 2011.
287:on September 28, 2007
222:2019 general election
149:and Scottish Power).
56:1997 general election
640:(21 November 2019).
99:Electricity Act 1989
699:The Financial Times
731:2000-08-16 at the
565:. 3 September 2008
433:. 6 September 2008
50:of the privatised
618:. 22 October 2013
103:Railways Act 1993
87:Airports Act 1986
16:(Redirected from
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764:Windfall taxes
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720:External links
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123:National Power
111:British Energy
95:Water Act 1989
42:government of
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246:Boris Johnson
244:In May 2022,
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485:The Guardian
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458:The Guardian
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379:The Guardian
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360:the original
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289:. Retrieved
285:the original
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262:Windfall tax
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203:Gordon Brown
183:The Guardian
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91:Gas Act 1986
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60:Conservative
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653:21 November
569:4 September
543:4 September
437:6 September
115:British Gas
753:Categories
709:2020-06-12
622:23 October
596:23 October
491:23 October
268:References
210:John Major
186:newspaper
44:Tony Blair
143:Railtrack
76:P/E ratio
52:utilities
729:Archived
703:Archived
616:BBC News
592:. London
563:BBC News
517:1 August
511:BBC News
487:. London
460:. London
431:BBC News
407:. London
256:See also
131:Powergen
65:New Deal
681:Twitter
464:31 July
411:31 July
384:31 July
335:31 July
313:31 July
291:31 July
192:Compass
48:profits
97:, the
93:, the
89:, the
85:, the
40:Labour
677:Tweet
655:2019
624:2013
598:2013
571:2008
545:2008
519:2008
493:2013
466:2008
439:2008
413:2008
386:2008
337:2008
315:2008
293:2008
38:The
196:BBC
178:MPs
107:BAA
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