North Sea Oil

HC Deb 01 February 1994 vol 236 cc607-8W

Mrs. Ewing

To ask the Chancellor of the Exchequer if he will list the total amount of revenue which has accrued to the Exchequer for each year since 1979 from North sea oil, breaking this down into each aspect of the relevant tax regulations.

Mr. Dorrell

Revenues raised from North sea oil and gas production by category of tax since 1979–80 have been as follows:

£ million
				Corporation Tax
Year	Petroleum revenue tax	Supplementary petroleum duty	ACT setoff	Main-stream CT	Royalty	Total
1979–80	1,435	—	78	172	628	2,313
1980–81	2,410	—	97	244	992	3,743
1981–82	2,390	2,025	270	411	1,396	6,492

				Corporation Tax
Year	Petroleum revenue tax	Supplementary petroleum duty	ACT setoff	Main-stream CT	Royalty	Total
1982–83	3,274	2,395	202	319	1,632	7,822
1983–84	6,017	—	430	447	1,904	8,798
1984–85	7,177	—	1,244	1,188	2,426	12,035
1985–86	6,375	—	1,085	1,831	2,057	11,348
1986–87	1,188	—	1,130	1,546	919	4,783
1987–88	2,296	—	681	617	1,024	4,618
1988–89	1,371	—	685	510	602	3,168
1989–90	1,050	—	495	248	575	2,368
1990–91	860	—	363	484	605	2,312
1991–92	-216	—	370	268	557	979
1992–93	69	—	480	202	554	1,305
11993–94	500	—	300	—	600	1,400
1 1994–95 Financial Statement and Budget Report estimate.