§ Mr. SpellarTo ask the Chancellor of the Exchequer what have been the tax receipts from oil production in each year since 1979. [6245]
§ Mr. Jack[holding answer 18 December 1995]: Revenues raised from North sea oil and gas production since 1979–80 have been as follows:
1051W
£million Year Petroleum revenue tax Supplementary Petroleum duty Corporation tax Royalty Total ACT1set-off Main-stream CT 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 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 1993–94 359 — 219 39 606 1.223 1994–95 712 – 299 81 550 1,642 1995–961 860 — 790 130 560 2,340 1 ACT set-off against corporation tax payments due in each financial year is used as an approximate substitute for ACT receipts. 2 Forecast consistent with the Financial Statement and Budget Report 1996–97.