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Ways And Means

Volume 975: debated on Wednesday 5 December 1979

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Petroleum Revenue Tax

Resolved,

That new provision may be made in respect of petroleum revenue tax so as to—

  • (a) require payments on account of tax to be made in advance of the making of an assessment;
  • (b) bring forward the date from which interest is payable on unpaid and overpaid tax; and
  • (c) provide for altering the rate at which such interest is payable.—[Sir Geoffrey Howe.]
  • Bill ordered to be brought in upon the foregoing resolution by the Chairman of Ways and Means, the Chancellor of the Exchequer, Mr. David Howell, Mr. John Biffen, Mr. Nigel Lawson and Mr. Peter Rees.