§ Mr. Donald Stewartasked the Chancellor of the Exchequer what revenue has accrued to the Government from oil produced in the North sea north of latitude 55° 50' in each year since production began.
§ Mr. Lawson[pursuant to his reply, 13 May 1985, c. 30]: Government revenues from oil and gas production in the United Kingdom and United Kingdom continental shelf in each of the financial years 1975–76 to 1984–85 were:
£ billion 1975–76 * 1976–77 0.1 1977–78 0.2 1978–79 0.6 1979–80 2.3 1980–81 3.9 1981–82 6.5 1982–83 7.8 1983–84 8.8 1984–85 12.0 * Less than £0.05 billion. I regret that there is no satisfactory basis for apportioning Government revenues from oil and gas production between revenues arising from oil produced in the North sea north of latitude 55°50' and other revenues from oil and gas production. This is due mainly to the company basis on which corporation tax is assessed.