{
  "url": "https://openlegislation.uk/finance-no-2-act-1997/section-1",
  "json_url": "https://openlegislation.uk/finance-no-2-act-1997/section-1.json",
  "legislation": "ukpga/1997/58",
  "legislation_title": "Finance (No. 2) Act 1997",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-1997",
  "path": "section/1",
  "kind": "section",
  "number": "1",
  "heading": "Charge to windfall tax.",
  "text": "(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.\n(2) Windfall tax shall be charged at the rate of 23 per cent.\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1997/58/section/1",
    "retrieved_at": "2026-10-29T09:23:52.893398+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}