§ Mr. PawseyTo ask the Chancellor of the Exchequer how many times a windfall tax has been levied since 1961; which types of companies were affected; and if he will make a statement.
§ Mr. DorrellThe term "windfall tax" is not clearly defined. Development gains tax–1973—development land tax–1976—the tax on banks' interest—free deposits –1981—and supplementary petroleum duty–1981—were introduced in response to what were seen as exceptionally high profits. The first two applied to gains on disposals of development land by firms in any sector, the third to the banking sector and the last to the oil industry.