§ 26. Mr. John H. Osborn
asked the Chancellor of the Exchequer what has been the total revenue, whether petrol tax on the motorist as a consumer, or petroleum revenue tax and other taxes on the producers, raised by him on crude oil, petroleum products and gas in the last financial year; and if he will break this down by category of tax, giving an indication of what he hopes to raise in the current financial year.
§ Mr. Peter Rees
For 1979–80 Excise duties on hydrocarbon oil were £2,931 million; VAT on petrol is estimated to have been £425 million; and revenues from North Sea oil and gas production were as follows:
Royalties 628* Petroleum Revenue Tax 1,435* Corporation Tax 116* * £ million outturn prices.
In addition, an estimated £100 million of corporation tax was satisfied by setting off advance corporation tax.378W
For the current financial year—1980–81—I refer my hon. Friend to table 19 of the 1981–82 Financial Statement and Budget Report. The estimated outturn for VAT for 1980–81 includes an estimated £575 million from VAT on petrol and lubricating oil.