§ Mr. Derail Daviesasked the Chancellor of the Exchequer if he will list those countries (a) in respect of which the Inland Revenue has accepted the "posted price" for crude oil as the operative price for the purpose of computing liability to United Kingdom taxation, and (b) where there is a statutory requirement on the production companies to sell oil at the posted price.
§ Mr. Nott,pursuant to his reply [OFFICIAL REPORT, 5th April 1973; Vol. 854, c. 162], gave the following information:
Transactions in crude oil at posted prices have, in accordance with legal advice received by the Inland Revenue, been accepted for United Kingdom tax purposes. The main countries concerned are: Iran, Kuwait, Iraq, Abu Dhabi 177W Qatar, Oman and Nigeria. There are explicit statutory requirements in Iran and Kuwait.