§ Mr. Leeasked the Secretary of State for Energy what would be the effect on Government holdings in North Sea oil companies operating under licence if the Government were to acquire shareholdings in each such company rateable 636W according to the value of the tax levied, using the current financial year estimate for the purposes of calculation; and if he will make a statement.
§ Dr. J. Dickson MabonThe analysis requested by my hon. Friend could not be performed without excessive cost. The resulting estimates for the year 1976–77 would anyway be misleading, since the yield from taxation of North Sea operating companies during this year will be very small by comparison with that likely in subsequent years. Furthermore, I see no special advantages in the acquisition of equity in lieu of receipts from the tax system which, I believe, will secure for the nation a substantial and fair share of the benefits from our oil.