HC Deb 08 July 1992 vol 211 cc216-7W
Mr. Colvin

To 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. Dorrell

Revenues raised from United Kingdom oil and gas production by petroleum revenue tax and corporation tax are as follows:

£ 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.

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