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Petroleum Revenue Tax

Volume 981: debated on Monday 17 March 1980

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asked the Chancellor of the Exchequer what is the yield to the revenue of a 60 per cent. petroleum revenue tax; and what would be the yield at 65 per cent., 70 per cent. and 75 per cent. on an annual basis.

It is not the practice to publish estimates of petroleum revenue tax receipts for future years whether at the 60 per cent. rate or notional rates. For 1979–80, receipts will be published in the Financial Statement and Budget Report on 26 March; it would involve disproportionate cost to provide figures of receipts at notional PRT rates.