Hansard

North Sea Oil (Taxation Payments)

Volume 22: debated on Monday 19 April 1982

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Mr. Austin Mitchell

asked the Chancellor of the Exchequer under the new system of North Sea oil taxation how many months revenue will fall due for payment in the fiscal year 1983–84.

Mr. Ridley

In 1983–84 companies will pay their PRT liabilities—including APRT—for the two six-month chargeable periods ending in 1983, and one year's ring-fence corporation tax liability—normally for 1982–83—except that:

  • (a) Under the existing tax system an advance payment of PRT for the first half of 1983 will have been paid before the start of 1983–84—in March 1983—equal to 15 per cent. of the previous period's PRT liability—which excludes any SPD or APRT—and
  • (b) Under the proposed tax system, the first instalment of PRT and APRT for the first half of 1984 will be paid in 1983–84—in March 1984—equal to 12½ per cent. of [he combined PRT and APRT liability for the previous period.