To ask the Chancellor of the Exchequer what is the total amount of exploration and appraisal relief claimed by oil companies for each of the last five years; and what percentage of total exploration and appraisal expenditure this represents for each of the last five years.
The amounts of exploration and appraisal relief claimed against profits for petroleum revenue tax since 1988 have been as follows:
Year
| Amount, £ million
| As a percentage of exploration and appraisal expenditure in the year1 Per cent.
|
| 1988 | 790 | 70 |
| 1989 | 900 | 76 |
| 1990 | 1,290 | 79 |
| 1991 | 1,200 | 62 |
| 19922 3 | (540) | (74) |
1 Oil companies commonly do not claim expenditure incurred until a tax liability is imminent. Figures cover the United Kingdom and its territorial waters and continental shelf. | ||
2 Figures for the second half of 1992 are not available yet. | ||
3 January to June. | ||