Energy: North Sea Oil

House of Lords written question – answered on 20th May 2008.

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Photo of Lord Barnett Lord Barnett Labour

asked Her Majesty's Government:

What is their current estimate of the total revenue from North Sea oil; and what is their estimate of the division of that revenue between Scotland and England.

Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

Total revenues received over the lifetime of the North Sea can be obtained from HM Revenue and Customs corporate tax statistics table 11.11, which is published on the HMRC website at www.hmrc.gov.uk/stats/corporate_tax/table11-11.pdf.

The March 2008 Budget forecast for total tax revenues from North Sea oil and gas production in 2008-09 stands at £9.9 billion.

Concerning the division of that revenue between Scotland and England I refer my noble friend to my Answer to his Question of 11 December 2007 (Hansard, col. WA 28).

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