Factbox-What is a windfall tax and when has Britain used it?

LONDON (Reuters) – The British government is expected to announce a windfall tax on oil and gas companies on Thursday to help fund a package of support for households struggling with a cost of living squeeze. WHAT IS A WINDFALL TAX? A windfall tax is a one-off levy imposed on a company or a group of companies by the government, targeting excess and unexpected profits. Opponents of windfall taxes say they risk discouraging investment, but those in favour argue that by being a one-off they are less damaging to economic activity than other taxes. British finance minister Rishi Sunak is expected t…

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