HC Deb 22 February 1979 vol 963 cc266-7W
Mrs. Renée Short

asked the Chancellor of the Exchequer if he is satisfied with the small amount of revenue which the Government have so far managed to gain from North Sea oil and gas, as outlined in the Official Report, 9 February, column 342.

Mr. Joel Barnett

Large amounts of tax from North Sea oil were not expected in the ear]y years because of the initial allowances for the heavy capital expenditure involved. However, as I announced on 2 August 1978—[Official Report, c. 753–5]—the Government believe there is scope for an increase in the share of profits accruing to the public and has made proposals for increasing PRT.