North Sea Oil (Tax Revenue)

HC Deb 22 October 1979 vol 972 cc72-3W

Mr. Michael Spicer

asked the Chancellor of the Exchequer what are the latest estimates of expected tax revenue from North Sea oil for the years 1979–80 and 1980–81.

Mr. Peter Rees

Estimated tax revenue—including royalties—in 1979–80 from North Sea oil is:

	£ million
Royalties	520
Petroleum Revenue Tax	730
Corporation Tax	140
Total	1,390

It is not the practice to publish estimates of tax receipts for the coming year in advance of the Financial Statement and Budget Report.