North Sea Oil (Taxation)

HC Deb 19 December 1972 vol 848 c315W

51. Mr. Millan

asked the Chancellor of the Exchequer what special steps he is taking to ensure that oil companies operating in the North Sea pay British tax on profits made.

Mr. Nott

Profits made by such companies are already liable to United Kingdom tax.

Mr. Sillars

asked the Chancellor of the Exchequer what consideration he is giving to future corporation tax policy in order to ensure that companies extracting oil from the North Sea do not evade paying sums to the Treasury.

Mr. Nott

My right hon. Friend is well aware of suggestions that oil companies may not pay corporation tax at the full rate on their North Sea profits, but he has no statement to make.