HC Deb 06 August 1980 vol 990 cc154-5W
Mr. Skeet

asked the Chancellor of the Exchequer whether expenditure incurred on an oilfield which has been discovered but its development deferred may be fully set off against licensee's other production interests in the United Kingdom continental shelf for the purposes of petroleum revenue tax.

Mr. Peter Rees

No.

Mr. Skeet

asked the Chancellor of the Exchequer what he assesses to be the loss of revenue to the Treasury arising from contractor financing arrangements in relation to petroleum revenue tax.

Mr. Peter Rees

As stated in my reply to my hon. Friend the member for Gosport (Mr. Viggers) on 1 July 1980—[Vol. 987, c.523–25]—the Inland Revenue is considering, in consultation with the industry, the PRT implications of various contractor financing arrangements. An estimate of the revenue at risk, if any, cannot be provided at this stage.