§ Mr. Gordon Wilsonasked the Chancellor of the Exchequer if he will estimate the impact on petroleum revenue tax and corporation taxation of the $4.25 reduction in the price of North Sea crude; and on what assumptions of time and currency fluctuations these calculations are based.
§ Mr. Peter ReesI refer the hon. Gentleman to the answers given to the hon. Member for Bedford (Mr. Skeet) on 11 June 1981.—[Vol. 6, c.187.]
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§ Mr. Foulkesasked the Chancellor of the Exchequer if, in the light of recent changes in the oil price, he will take steps to improve the corporation tax revenues from offshore supply work in the North Sea under section 38 of the Finance Act 1973.
§ Mr. Peter Rees[pursuant to his reply, 23 June 1981]: The Inland Revenue is already active in using its powers under section 38, Finance Act 1978 to ensure that non-residents meet the liabilities imposed by that provision.
§ Mr. Foulkesasked the Chancellor of the Exchequer if he will give the value of North Sea supply contracts placed with foreign-registered companies liable for tax under section 38 of the Finance Act 1973.
§ Mr. Peter Rees[pursuant to his reply, 23 June 1981]: This information is not available.
§ Mr. Rowlandsasked the Chancellor of the Exchequer what was the effect on revenues and taxes of North Sea oil (a) of the reduction of the British National Oil Corporation's oil price and (b) of the recent devaluation of the £ sterling.
§ Mr. Peter Rees[pursuant to his reply, 22 June 1981, c. 4]: I refer the hon. Gentleman to the answers given to my hon. Friend the Member for Bedford (Mr. Skeet) on 11 June 1981.—[Vol. 6, c. 187.]