§ 30. Mr. Douglasasked the Chancellor of the Exchequer what discussions have taken place between representatives of oil companies and his Department with regard to remission of tax or royalties on marginal fields on the United Kingdom continental shelf.
§ Mr. WakehamMinisters and officials have had wide-ranging discussions both before and since the Budget with the oil industry's representative bodies and individual companies on the North Sea fiscal regime generally, and the position of marginal fields in particular. In the light of these discussions, my right hon. and learned Friend the Chancellor of the Exchequer announced on 9 June modifications to his Budget proposals.—[Vol. 25, c. 109]. These include a cut-off of liability to advance petroleum revenue tax for any field five years after first payment of APRT, and repayment at that stage of any APRT not already set off against ordinary PRT liabilities. Both these proposals will be helpful in particular to less profitable fields. Royalty refunds are a matter for my right hon. Friend the Secretary of State for Energy.