Corporation tax treatment of the oil and gas industry

Part of Finance Bill – in the House of Commons at 7:30 pm on 5th September 2016.

Alert me about debates like this

Photo of Mark Field Mark Field Vice-Chair, Conservative Party 7:30 pm, 5th September 2016

Kirsty Blackman will be glad to know that she can also come to my constituency and hear a few Aberdonian accents from time to time, without having to go out to the middle of Texas.

I have a lot of sympathy for the situation that the hon. Lady finds herself in. Inevitably, there has been a lot of tinkering with tax rates in oil and gas. In my 15 years in the House, it has seemed that barely a year goes by without many paragraphs of any Finance Bill being part and parcel of this. Clearly, we are not yet to know whether the gas price and oil price will be stabilised at $50 to $60 a barrel or will go in different directions. I am sure that the Treasury has this whole issue under constant review.