§ Mr. FallonTo ask the Chancellor of the Exchequer how much extra revenue would be raised by increasing petroleum revenue tax to(a) 55 per cent., (b) 60 per cent., (c) 65 per cent. and (d) 70 per cent. [26202]
§ Dawn PrimaroloThe estimated revenue effects in 1998–99 and 1999–00 from an increase in the petroleum revenue tax rate for 1998 are given in the table. The effects include offsetting falls in corporation tax receipts. 711W These estimates are based on the assumptions used for the Pre-Budget report published on 25 November 1997.
£ million Increases in 1998 Petroleum Revenue Tax rate from 50 per cent. to: Revenue effects Per cent. 1998–99 1999–00 Total 55 +115 -40 +75 60 +230 -80 +150 65 +350 -120 +230 70 +465 -160 +305