§ Mr. Eric Deakinsasked the Chancellor of the Exchequer what is the 1983–84 Government revenue from all taxes on North sea oil and gas; and what alteration in (a) the basic rate of income tax and (b) the standard rate of value added tax would be required to produce an equivalent revenue in each case.
§ Mr. MooreTotal tax from North Sea oil and gas production was £8.8 billion in 1983–84. It is estimated that an increase of broadly 10 percentage points in the basic rate of income tax or a possible doubling of the standard rate of value added tax would have been required to produce an equivalent revenue. Estimates for changes of this order of magnitude are highly tentative.