§ Mr. William Hamilton
asked the Chancellor of the Exchequer what was the total corporation tax on North Sea oil paid by the oil companies in each of the last four years.
§ Mr. Peter Rees
Estimates, as in the table below, of the corporation tax attributed to profits from North Sea oil and gas were given in "Economic Progress Report" (No. 112) published in August 1979 by Her Majesty's Treasury. It is not possible to provide figures for oil alone.
£ million 1976–77 10 1977–78 10 1978–79 50 1979–80 (estimate) 140
In addition, an estimated £40 million of corporation tax in 1978–79 was satisfied by setting off advance corporation tax (ACT). The corresponding amount in 1979–80 is likely to be £120 million.