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Fossil Fuels: Tax Allowances

Question for HM Treasury

UIN 63180, tabled on 6 February 2017

To ask Mr Chancellor of the Exchequer, what estimate he has made of the financial value to fossil fuel producers of tax allowances taken up in financial year 2015-16.

Answered on

13 February 2017

Estimates of the cost of tax reliefs claimed against Petroleum Revenue Tax and Offshore (North Sea) Corporation Tax, arising from the production and extraction of North Sea oil and gas from the UK and UK Continental Shelf, are presented in HM Revenue and Customs’ tax relief publication, in the following two tables (latest versions December 2016):

Main reliefs:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/579720/Dec_16_Main_Reliefs_Final.pdf

Minor reliefs:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/579993/Dec_16_Minor_Reliefs_Final.pdf

Answered by

Treasury