§ Mr. Skeetasked the Chancellor of the Exchequer if he will compare the Government take in petroleum taxation in the United Kingdom via petroleum revenue tax, 70 per cent., corporation tax and royalties with that in Norway and in the United States of America, subject to the recent windfall profits tax.
§ Mr. Peter ReesWhile comparison of actual tax "takes" could be made, they would be misleading because, for example, of widely differing quantities of oil produced in each country. Other bases of comparison would be equally misleading because of the assumptions it would be necessary to make about, inter alia, the utilisation of available tax reliefs and, for the United States, the location and date of discovery of the oil.