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Fossil Fuels: Taxation

Question for HM Treasury

UIN 56505, tabled on 7 December 2016

To ask Mr Chancellor of the Exchequer, when new reporting processes to reduce the administrative costs of petroleum revenue tax for oil and gas companies are planned to come into effect.

Answered on

12 December 2016

There are two stages to the simplification of the reporting process for the Petroleum Revenue Tax (PRT). The first is the simplification of the process for opting fields out of the PRT regime and the second concerns the removal of reporting requirements from PRT forms. Both simplifications came into force from 23 November 2016.

Further details about the measure can be found in its technical 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-technical-note/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry-technical-note

Answered by

Treasury
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