§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer what plans he has to change the petroleum revenue tax legislation in respect of the provision of relief for expenditure not related to an oil field. [39639]
§ Mr. JackThe Government intend to introduce legislation in the next Finance Bill to put beyond doubt that oil companies cannot manipulate existing tax rules to allow them to claim petroleum revenue tax relief on non-field expenditure incurred by an unrelated group which continues to hold North sea licence interests. The change will apply to all claims for relief made on or after today. This new legislation will ensure that substantial amounts of PRT are protected.
Further details are given in an Inland Revenue press release which is being issued today.