§ Mr. Skeetasked the Chancellor of the Exchequer if he will take steps to ensure that petroleum revenue tax should not attach to the profits from natural gas production in the North Sea in view of the lower prices paid by the British Gas Corporation for its North Sea supplies relative to international pricing.
§ Mr. Joel BarnettNorth Sea gas sold to the British Gas Corporation under contracts made before the end of June 1975 is, by virtue of Section 10 of the Oil Taxation Act 1975, disregarded in the calculation of petroleum revenue tax liability. This exemption covers all gas at present bought by the British Gas Corporation.