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The windfall tax

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Author Info
Lucy Chennells
Abstract

This paper analyses the windfall tax on the privatised utilities, introduced in the 1997 Budget. It describes the main arguments put forward for the tax and sets out the details of its scope, scale and method of implementation. The tax is examined against the guidelines of economic efficiency, fairness and administrative feasibility. A one-off tax based on past profits should be efficient, provided that the statement that it is one-off is credible. However, as a tax levied on companies, it does not directly tax the windfall gains that were made in the past by shareholders in the companies concerned.

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File URL: http://www.ifs.org.uk/fs/articles/fslucy.pdf
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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 18 (1997)
Issue (Month): 3 (August)
Pages: 279-291
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Handle: RePEc:ifs:fistud:v:18:y:1997:i:3:p:279-291

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Find related papers by JEL classification:
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Colin Mayer & John Vickers, 1996. "Profit-sharing regulation: an economic appraisal," Fiscal Studies, Institute for Fiscal Studies, vol. 17(1), pages 1-18, February. [Downloadable!]
  2. Jonathan Leape, 1990. "The impossibility of perfect neutrality: fundamental issues in tax reform," Fiscal Studies, Institute for Fiscal Studies, vol. 11(2), pages 39-54, May.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Michele Moretto & Paola Valbonesi, 2004. "Opting-out in profit-sharing regulation," Industrial Organization 0403002, EconWPA. [Downloadable!]
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