§ Mr. Chris SmithTo ask the Chancellor of the Exchequer what estimates were used by the Inland Revenue in concluding in paragraph 9 of a press release of 20 March, entitled "Oil Taxation", that the longer-term revenue effects of the taxation charges discussed in the press release are expected to be broadly revenue-neutral overall.
§ Mr. LilleyCostings of this sort, involving many projections well into the future, are inevitably extremely uncertain. Estimates of abandonment expenditure are 3W based on surveys of industry intentions. The revenue effects of the measures referred to in this part of the press release also depend on a wide range of other assumptions, such as about oil prices and production levels and about other expenditure.
§ Mr. Chris SmithTo ask the Chancellor of the Exchequer if he will estimate the longer-term annual revenue effects of the measures proposed in(a) clause 52 and clause 53, (b) clause 54, (c) clause 55 and clause 56, (d) clause 96 and (e) clause 97 of the Finance Bill.
§ Mr. LilleyI have nothing to add to the aggregate estimates in the annex to chapter 4 of the Financial Statement and Budget Report 1990–91 and, as far as clauses 55 and 56 are concerned, in the 22 January 1990 Inland Revenue press release entitled, "North Sea Oil—Restriction of Capital Losses".