Windfall Tax

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Motion made, and Question proposed,

That provision may be made for imposing a tax on the amount of the windfall from which a company was benefitting on 2nd July 1997 in any case where—

(a) an undertaking whose privatisation involved the imposition of economic regulation has been privatised by means of a flotation; and

(b) the profits of the undertaking in the period after the flotation show that the company was benefitting on that date from a windfall from that flotation.—[Mr. Gordon Brown.]

Question again proposed.

Volume 297: debated on Friday 4 July 1997