Hansard

North Sea Oil (Tax Revenue)

Volume 972: debated on Monday 22 October 1979

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Mr. Michael Spicer

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.

Mr. Peter Rees

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

£ million
Royalties520
Petroleum Revenue Tax730
Corporation Tax140
Total1,390
It is not the practice to publish estimates of tax receipts for the coming year in advance of the Financial Statement and Budget Report.