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Offshore Industry: Taxation

Question for Treasury

UIN 739, tabled on 11 May 2022

To ask the Chancellor of the Exchequer, what projection he has made of how much tax will be paid by oil and gas producers in 2022-23.

Answered on

18 May 2022

Forecasts for government revenues from oil and gas production are provided by the Office for Budget Responsibility (OBR). Their most recent published forecast, provided for Spring Statement 2022 on 23 March, is available on the OBR website at the following link https://obr.uk/efo/economic-and-fiscal-outlook-march-2022/. HM Revenue and Customs publishes monthly tax receipts statistics, including for UK oil and gas production, on a cash receipts basis, at GOV.UK at the following link https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk.

Answered by

Treasury