§ Mr. MilburnTo ask the Chancellor of the Exchequer what factors underlay the figures for the cumulative total for Government revenues from oil and gas production contained in his answer of 10 July 1996,Official Report, column 228 and 13 January, Official Report, column 23. [14270]
§ Mr. JackGovernment revenues from oil and gas production include corporation tax paid by North sea oil and gas production companies, before setting off their advance corporation tax payments; petroleum revenue tax; oil royalties; and, in 1981–82 and 1982–83, receipts from supplementary petroleum duty—SPD. Receipts from the latter were not included in the answer of 13 January. Including SPD receipts, and using the Budget forecasts of North sea tax revenues and the GDP deflator in 1996–97, the cumulative total for Government revenues from oil and gas production 1979–80 to 1996–97 expressed in 1496–97 prices is over £133 billion.