§ Mr. Ernie Rossasked the Chancellor of the Exchequer whether his Department or the oil industry is responsible for compiling the estimates of capital expenditure on North Sea oilfield development which are allowed before petroleum revenue tax is due.
§ Mr. Peter Rees[pursuant to his reply, 18 December 1980]: The Inland Revenue is responsible for agreeing actual capital expenditure incurred, and hence expenditure relief for PRT, with the oil companies. Such agreed expenditure is then included in assessments of PRT liability by the Inland Revenue.