§ Mr. ColvinTo ask the Chancellor of the Exchequer (1) what has been the total annual revenue raised through corporation tax paid by companies also liable for petroleum revenues tax for each of the years since petroleum revenue tax was introduced;
(2) what has been the total annual revenue raised through petroleum revenue tax in each year since its introduction; and what is his estimated yield for the current financial year.
§ Mr. DorrellRevenues raised from United Kingdom oil and gas production by petroleum revenue tax and corporation tax are as follows:
217W
£ million Petroleum revenue tax1 Corporation tax2 1975–76 0 5 1976–77 0 10 1977–78 0 10
Petroleum revenue tax1 Corporation tax2 1978–79 183 93 1979–80 1,435 250 1980–81 2,410 341 1981–82 4,415 681 1982–83 5,669 521 1983–84 6,017 877 1984–85 7,177 2,432 1985–86 6,375 2,916 1986–87 1,188 2,676 1987–88 2,296 1,318 1988–89 1,371 1,230 1989–90 1,050 743 1990–91 860 971 1991–92 -214 647 31992–93 100 600 1 Including Supplementary Petroleum Duty in and 1982–83. 2 Before ACT set-off. 3 1992–93 Financial Statement and Budget Report forecast.