§ Mr. Ernie Rossasked the Chancellor of the Exchequer how much income has been forgone by the Treasury as a result of the amendment of the Oil Taxation Act 1980 which permitted oil companies to set against petroleum revenue tax the cost of delivering oil to their customers as opposed to the previous allowance to land oil in the United Kingdom only.
§ Mr. Wakeham[pursuant to his reply, 16 February 1983, c.152]: There is no Oil Taxation Act 1980. The provision referred to in the question is presumably s.20 of the Finance (No. 2) Act 1979 which removed an anomalous discrepancy between the cut-off point for petroleum revenue tax relief for expenditure, and the tax valuation or sale point of the oil. It is not possible to estimate the cost of this change from the information available.