Fossil Fuels: Tax Yields
(asked on 17th January 2017) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will estimate the expected tax yield from oil and gas in the next financial year as a result of the recent increase in the price of oil.
This question was answered on 20th January 2017
The forecasted Exchequer revenues (Offshore Corporation Tax and Petroleum Revenue Tax) arising from the production and extraction of North Sea oil and gas from the UK and UK Continental Shelf are presented in Table 4.6 of the Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook: November 2016, which is available at: http://cdn.budgetresponsibility.org.uk/Nov2016EFO.pdf
The OBR will be publishing updated forecasts on 8th March 2017.