Corporation tax treatment of the oil and gas industry

Part of Finance Bill – in the House of Commons at 8:00 pm on 5th September 2016.

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Photo of Rob Marris Rob Marris Labour, Wolverhampton South West 8:00 pm, 5th September 2016

Thank you for your indulgence, Madam Deputy Speaker. I will seek to be brief. On new clause 10, I am in favour of evidence-based policy making. Mark Field says that the patent box legislation and tax break have been helpful. That may be true, but we do not know. What we do know is that the National Audit Office looked at something like 1,200 tax reliefs and found that the Treasury was only monitoring the efficaciousness of fewer than 300 of them. I do not think that the patent box was part of that, so I support new clause 10 because it might tease out the evidence.