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Fossil Fuels: Tax Yields

Question for HM Treasury

UIN 60370, tabled on 17 January 2017

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.

Answered on

20 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.

Answered by

Treasury
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