§ Mr. Ernie Rossasked the Chancellor of the Exchequer if he will provide an estimate of the proportion of projected income from North Sea oil and gas which will come from the following sources: (a) royalties, (b) petroleum revenue tax, (c) corporation tax, (d) the supplementary tax introduced in the 1981 Budget and (e) any other source.
197W
§ Mr. Peter Rees[pursuant to his reply, 18 March 1981, c. 100]: The total revenues for 1981–82 from North Sea oil and gas forecast in table 19 of the Financial Statement and Budget Report comprise receipts from royalties, petroleum revenue tax, supplementary petroleum duty and "ring fence" corporation tax. The approximate percentage attributable to each source is:
per cent. Royalties 20 Petroleum revenue tax 38 Supplementary petroleum tax 31 Corporation tax (before ACT set-off) 11