§ Mr. Douglasasked the Secretary of State for Trade and Industry if he will make a statement disclosing the basis for the Government's assertion that the total revenues from taxation royalties and licence fees from the companies operating on the British sector of the continental shelf are not likely to exceed one-eighth of £800 million by 1980.
§ Mr. Peter WalkerThe estimate of £100 million in 1980 covers only royalties and rents from oil and gas. It assumes current prices, and also oil production in that year of 75 million tons. The producers will also be liable to corporation tax, but no estimates can be made of receipts from this source since they will depend on the taxation arrangements and rates then in force and on the individual circumstances of the companies concerned.