HC Deb 21 May 2002 vol 386 cc280-1W
Mr. Blizzard

To ask the Chancellor of the Exchequer when he will begin consultation on his proposal to abolish royalty tax on the oil and gas industry; and how long the consultation period will last. [57441]

Mr. Peter Duncan

To ask the Chancellor of the Exchequer what the timetable is for reviewing the royalty tax on oil revenues. [57300]

Dawn Primarolo

The Government will publish a consultation paper shortly.

Mr. Blizzard

To ask the Chancellor of the Exchequer (1) what research he has commissioned on the effect of the supplementary charge and 100 per cent. first year capital allowances on expected monetary values of oil and gas assets and investments in the UK; [57442]

(2) what assumptions about future levels of investment in the UK by the oil and gas industry underlie his estimates of the additional revenue raised from the supplementary charge on corporation tax. [57436]

Dawn Primarolo

A full analysis was made of reform's effect on investment. The Government examined the impact on all investment, exploration and appraised development projects that had already commenced, probable and possible developments on new fields that had already been discovered, and incremental developments of fields already in production.

Mr. Blizzard

To ask the Chancellor of the Exchequer what his estimate is of the additional revenue that will be raised from the supplementary charge on the oil and gas industry between 2006 and 2010. [57437]

Dawn Primarolo

The Government do not publish such estimates. The overall impact of the Budget measures are taken into account in the forecasts of the economy and public finances as set out in the Financial Statement and Budget Report.

Mr. Blizzard

To ask the Chancellor of the Exchequer if he will publish the analysis of the effect of changes in taxation of the oil and gas industry on(a) investment, (b) exploration and appraisal and (c) developments referred to in the oral statement by the Economic Secretary of 9 May 2002, Official Report, column 362. [58008]

Malcolm Bruce

To ask the Chancellor of the Exchequer what study he has made of the effect on the(a) timing and (b) number of North sea oil and gas projects of tax changes introduced in the Budget. [58164]

Dawn Primarolo

A full analysis was made of reform's effect on investment. The Government examined the impact on all investment, exploration and appraisal development projects that had already commenced, probably and possible developments on new fields that had already been discovered, and incremental developments of fields already in production. Such information is commercially sensitive and it would be inappropriate to make it public, as provided for in exemption 13 of the Code of Practice on Access to Government Information.

Malcolm Bruce

To ask the Chancellor of the Exchequer how many representations he has received from non-UK oil companies operating in the North sea on the effects of preventing companies from claiming funding costs against profits under the Budget tax changes on their overall liability for tax. [58165]

Dawn Primarolo

The Government have received a number of representations from a variety of organisations regarding the Budget.

Malcolm Bruce

To ask the Chancellor of the Exchequer if he will review the effect of the decision not to allow financing costs against profits when assessing the 10 per cent. budget tax levy on North sea profits. [58166]

Dawn Primarolo

The Government keep all taxes under review.