§ Mr. Skeetasked the Chancellor of the Exchequer why grants are made to oil companies under section 8 of the Industry Acts 1972 to 1976, when companies operating on the United Kingdom continental shelf could be compensated through a reduction of petroleum revenue tax.
§ Mr. Peter ReesThe relevant grants were those under the offshore supplies: interest relief grants scheme, which has closed to contracts placed after 2 July 1979. The purposes of those grants could not have been achieved by adjustments to the petroleum revenue tax regime.