Phasing Out of Aprt

Part of Orders of the Day — Finance Bill – in the House of Commons at 7:45 pm on 28th April 1983.

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Photo of Mr John Wakeham Mr John Wakeham , Maldon 7:45 pm, 28th April 1983

We still considered the existing fields to be reasonably profitable after our review, but we were concerned about the marginal new fields, many of which were smaller than the established fields. That is why we have made the distinction between future fields and existing fields. I remind my hon. Friend that the phasing out of APRT will benefit existing fields — the fields about which he is concerned—as well as new fields. The existing fields will enjoy some benefit in improved cash flow. As its title suggests, APRT is an advance of tax, and at the end of the day the companies will "hope" to pay PRT because their projects have been successful.