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North Sea Oil (Tax Revenue)

Volume 972: debated on Monday 22 October 1979

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asked the Chancellor of the Exchequer what are the latest estimates of expected tax revenue from North Sea oil for the years 1979–80 and 1980–81.

Estimated tax revenue—including royalties—in 1979–80 from North Sea oil is:

£ million
Petroleum Revenue Tax730
Corporation Tax140
It is not the practice to publish estimates of tax receipts for the coming year in advance of the Financial Statement and Budget Report.