§ Mr. Litterickasked the Chancellor of the Exchequer if he will publish in theOfficial Report an estimate of the probable annual tax revenue being generated by current daily volume of North Sea crude oil being brought ashore.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 26th July 1976],gave the following answer:
If not more than the June average daily volume of North Sea crude oil were produced, it would be some years before all the capital expenditure already incurred could be set against gross profits and leave any significant assessable profits to generate tax revenue.