Sir Iain Vallance, Chairman of British Telecommunications Plc, has denounced as unfair any plans the new UK government might have for hitting BT with a windfall tax. We have no excess profits, he insisted when he announced the year end results. The UK telecommunications giant has reported net profits for the year to March 31 up 4.6% at 2.077bn pounds on revenues that rose 3.4% to 14.935bn pounds. Sir Iain added: The employees of this company have turned it from the laughing stock of the 80s into the best telecoms company in the world. Why should we be singled out for punishment? He said it was the company’s duty to challenge any such tax, taking the government to the European courts if necessary. But he said that the Labor party has made no specific mention of British Telecom in relation to a windfall tax and stated: I certainly wouldn’t have voted Labor if I’d seen this in the Manifesto.