§ Mr. David PorterTo ask the Chancellor of the Exchequer what he expects petroleum revenue tax to produce for the Exchequer in the current and each of the next three financial years; and if he will make it his policy to reduce it in cases where companies invest in refurbishment of existing offshore gas and oil installations in order to help the fabrication industry; and if he will make a statement.
§ Sir John Cope[holding answer 18 January 1993]: The revenue raised by petroleum revenue tax in 1992–93 was estimated at £100 million in the autumn statement. It has been the practice to include outturn estimates, and a coming year petroleum revenue tax forecast, in the "Financial Statement and Budget Report" issued on Budget day.
The costs of refurbishing offshore installations in oil and gas fields would normally already qualify for immediate relief in full against petroleum revenue tax, where the field is within the charge to that tax.