§ Mr. ButterfillTo ask the Chancellor of the Exchequer what is the total amount of exploration and appraisal relief claimed by oil companies for each of the last five years; and what percentage of total exploration and appraisal expenditure this represents for each of the last five years.
§ Mr. DorrellThe amounts of exploration and appraisal relief claimed against profits for petroleum revenue tax since 1988 have been as follows:
568W
Year Amount, £ million As a percentage of exploration and appraisal expenditure in the year1 Per cent. 1988 790 70 1989 900 76 1990 1,290 79 1991 1,200 62 19922 3 (540) (74) 1 Oil companies commonly do not claim expenditure incurred until a tax liability is imminent. Figures cover the United Kingdom and its territorial waters and continental shelf. 2 Figures for the second half of 1992 are not available yet. 3 January to June.