HC Deb 06 February 1991 vol 185 c173W
Mrs. Beckett

To ask the Chancellor of the Exchequer what is his latest estimate of the impact on revenues of a $1 increase on the price of a barrel of oil in(a) a full year and (b) a month.

Mr. Maples

[holding answer 5 February 1991]: The extra North sea tax accruals—royalty, petroleum revenue tax and corporation tax—from a sustained increase in the crude oil price of 1 dollar per barrel would yield about £0.2 billion in a full year assuming no change in the exchange rate or in company activity in the North sea. Additional tax receipts in 1990–91 arising from an increase of 1 dollar per barrel in the 1990 calendar year would be about £0.15 billion. The monthly average is £12.5 million but the effect in individual months is very variable depending upon due dates for corporate tax and the six-monthly structure of payments of PRT and royalties.

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