§ Mr. Ernie Rossasked the Chancellor of the Exchequer what was the corporation tax liability of all companies combined working on the United Kingdom continental shelf for each year since 1964; and how much of this liability has been paid in each year since 1964.
§ Mr. Peter Rees[pursuant to his reply, 18 March 1981, c. 100]: The only readily available information relates to receipt of corporation tax on North Sea oil and gas production. Details from 1970–71 to 1979–80 were given in my answer to the hon. Member for Oldham, West on 10 December 1980 [Vol. 995, c. 641–644]. Table 19 of the Financial Statement and Budget Report 1981–82 updates this information as follows:
Corporation tax* revenues from North Sea oil and gas production £ million outturn prices 1980–81 (Estimated outturn) 240 1981–82 (Budget forecast) 340 * Estimated production attributed to North Sea oil and gas production. In addition an estimated £240 million in 1980–81 and £280 million in 1981–82 of corporation tax will be satisfied by setting off advance corporation tax.