§ Motion made, and Question,
§ That charges to petroleum revenue tax may be imposed by—
- (a) increasing the rate of petroleum revenue tax for chargeable periods ending after 31st December 1978 from 45 per cent. to 60 per cent.;
- (b) reducing the rate of the supplement under section 2(9)(b)(ii) and (c)(ii) of the Oil Taxation Act 1975 on expenditure allowable under that Act;
- (c) reducing the oil allowances specified in section 8(2) and (6) of that Act;
- (d) metricating amounts specified in that Act; and
- (e) repealing section 9(1) of the Petroleum and Submarine Pipe-lines Act 1975 (exemption for British National Oil Corporation and its wholly owned subsidiaries) and making provision in connection therewith.—[Sir Geoffrey Howe.]
§ put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.