BT yesterday breathed a sigh of relief yesterday when it became apparent that it would only be stung to the tune of #500 million by the government?s windfall levy.
The telecomms giant had threatened to take legal action if it were hit in a big way, but yesterday it called off the fight. BT chairman Iain Vallance told journalists: ?BT is disappointed to have been caught up in the windfall levy. Nevertheless, we recognise that a figure in the order of 3500 million spread over two years, while not a small sum, is considerably lower than earlier speculation might have suggested.?
Analysts calculated BT will gain #65 million a year from two percentage point reduction in the corporation tax outlined in yesterday?s budget.
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