# Finance (No. 2) Act 1997, Section 1: Charge to windfall tax.


(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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Source: https://www.legislation.gov.uk/ukpga/1997/58/section/1 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-1997/section-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.