Skip to main content

North Sea Oil

Volume 955: debated on Tuesday 24 October 1978

The text on this page has been created from Hansard archive content, it may contain typographical errors.

asked the Chancellor of the Exchequer what was total Government tax and royalty revenue from North Sea oil in every quarter since the beginning of 1975; what was the revenue from

YearQuarter endingRoyaltiesCorporation tax*Petroleum revenue taxTotal
£ million£ million£ million£ million
1975–7630th June
30th September1010
31st December55
31st March1010
1976–7730th June
30th September2020
31st December1010
31st March5555
1977–7830th June
30th September100100
31st December1010
31st March130130
1978–7930th June
30th September145145
* Estimated proportion of corporation tax receipts attributed to North Sea oil and gas = Nil.
The corporation tax revenue would have been the same in the above periods in the absence of petroleum revenue tax.