HC Deb 12 December 1973 vol 866 cc162-3W
31. Mr. Grimond

asked the Chancellor of the Exchequer what, on the basis of the development costs so far estimated, will be the value of the capital allowances which can be claimed by oil companies engaged in extracting North Sea oil.

Mr. Nott

Only very tentative estimates of future development costs are available as yet; but the bulk of them would qualify for capital allowances. The value of these allowances would of course depend on the corporation tax rate for the time being in force.