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Petroleum Revenue Tax

Volume 982: debated on Tuesday 15 April 1980

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asked the Chancellor of the Exchequer what is the current yield of petroleum revenue tax, together with the estimated yield at 65 per cent. and 70 per cent.

The yield of petroleum revenue tax in 1980–81 at various rates would be:

Petroleum revenue tax at£ million
60 per cent.2,190
65 per cent.2,370
70 per cent.2,560

asked the Chancellor of the Exchequer, for fields above the tapering tranche of petroleum revenue tax, what is the Government take at the proposed new rate on each extra £ sterling of revenue.