§ Mr. TimmsTo ask the Chancellor of the Exchequer what plans he has to change the rules used to value North Sea gas for tax purposes. [19570]
§ Dawn PrimaroloThe Government intend to introduce legislation which will ensure that the rules used to value North Sea gas for tax purposes will continue to operate in the way that the industry and the Inland Revenue have until now applied them. This will remove some doubts, arising from recent legal advice, about the current interpretation of the rules. The legislation will be included in the next Finance Bill and will apply to all gas disposals which have to be valued, including disposals which have already taken place. The Inland Revenue is issuing a Press Release today which contains details of the changes and draft legislation on which it will be consulting the North Sea oil and gas industry.