§ 17. Mr. Woolmerasked the Chancellor of the Exchequer what is his present estimate of the Government revenues expected to be received from North Sea oil and gas for the current fiscal year.
§ Mr. BiffenThe following estimates for 1979–80 were given in the Economic Progress Report (No. 112) published in August 1979 by Her Majesty's Treasury.
£ million Royalties 520 Petroleum revenue tax 730 Corporation tax 140* Total 1,390 * In addition £120 million of corporation tax is likely to be satisfied by setting off advance corporation tax. Under the Petroleum Revenue Tax Act 1980 a further £709 million has been received and the total PRT so far received in 1979–80 is £1,435 million.