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Pre-Budget Report: North Sea

House of Lords written question – answered on 21st May 2008.

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Photo of Lord Barnett Lord Barnett Labour

asked Her Majesty's Government:

What revenues (if any) accrue from the North Sea in addition to those in table B8 in the 2007 Pre-Budget Report (Cm 7227).

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)

The North Sea revenues line in table B8 of the 2007 Pre-Budget Report includes all direct tax revenues accruing to the Government from profits made from oil and gas production. The breakdown of these revenues can be found in more detail in HM Revenue and Customs statistics at table 11.11, which is published on the HMRC website at www.hmrc.gov.uk/stats/corporate_tax/table11-11.pdf.

In addition the Government, through the Department for Business, Enterprise and Regulatory Reform, also collect licence fees from licence holders. In 2007-08 these amounted to £60 million.

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