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Fossil Fuels: Taxation

Question for HM Treasury

UIN 56504, tabled on 7 December 2016

To ask Mr Chancellor of the Exchequer, what estimate he has made of how much proposed simplification of reporting processes for petroleum revenue tax will save oil and gas companies each year.

Answered on

12 December 2016

The average administrative burden saving to companies in the oil and gas sector from simplifying the reporting process for Petroleum Revenue Tax is estimated at £620,000 per annum.

Further information about the measure can be found in the Tax Information and Impact Note (published 23 November 2016). This is available at:

https://www.gov.uk/government/publications/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry

Answered by

Treasury
Named day
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