40 Petroleum Revenue Tax

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Motion made, and Question.

That, with respect to chargeable periods ending alter 31st December 1982—

(a) the rate of petroleum revenue tax shall be increased from 70 per cent. to 75 per cent.; and

(b) charges to petroleum revenue tax may be imposed by provisions requiring persons who are, or are treated as, participators for the purposes of the Oil Taxation Act 1975 to make advance payments of petroleum revenue tax at the rate of 20 per cent. by reference to the gross profits (Calculated as Parliament may determine) accruing to them from oil fields; and

(c) new provision may be made with respect to the payment of petroleum revenue tax in instalments.—[Sir Geoffrey Howe.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.

Volume 20: debated on Monday 15 March 1982