§ Mr. John Garrettasked the Chancellor of the Exchequer if he will estimate the revenue for 1979–80 and 1980–81 from petroleum revenue tax, royalty payments and corporation tax levied on oil companies operating in the North Sea.
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§ Mr. Peter Rees[pursuant to his reply, 28 November 1979, c. 779]: The following estimates of revenue from these taxes for 1979–80 were given in the "Economic Progress Report"—No. 112–published in August 1979 by Her Majesty's Treasury.
£m Royalties 520 Petroleum revenue tax 730 Corporation tax 140* Total 1,390 * In addition £120 million of corporation tax is likely to be satisfied by setting off advance corporation tax. The proposals for speeding the collection of petroleum revenue tax announced on 15 November are expected to increase receipts in 1979–80 by about £700 million.
It is not the practice to publish estimates of tax receipts for the coming year in advance of the Financial Statement and Budget Report.