§ Mr. Michael McNair-Wilsonasked the Chancellor of the Exchequer whether, as indicated in paragraph 45 of the consultative document of 7 May 1982, he intends to extend the petroleum revenue tax charge on asset-related receipts proposed in the Finance Bill to (a) owners of assets so far dedicated to foreign fields, or (b) companies which might be set up in future to transport or treat other people's oil.
§ Mr. WakehamReceipts in the first class should be taxed provided that taxation by more than one country is avoided or relieved. Now that the nature of our charging proposals can be seen in the published legislation, the Inland Revenue will be having early discussions with the Norwegian tax authorities. In the light of those discussions, I shall decide what further action is needed. I have decided, after careful study of the representations made, not to extend the PRT charge to the second class.