§ Mr. Skeetasked the Secretary of State for Energy if he will list the expected 202W yields of royalties from North Sea oil, petroleum revenue tax, capital gains tax and capital transfer tax in 1980.
§ Mr. DellI have been asked to reply.
As I said in the House on 19th January, on the basis of current tax policy and the current price of oil, and an average production of 125 million to 150 million tons per annum, we would expect that in the early 1980s the United Kingdom Government would be deriving a total income from North Sea oil, at 1975 prices, of the order of £3 billion to £3.5 billion a year. There is no corresponding forecast for CGT and CTT.—[Vol. 903, c. 927.]