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North Sea Oil: Tax Yields

Treasury written question – answered on 17th October 2011.

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Photo of Damian Hinds Damian Hinds Conservative, East Hampshire

To ask the Chancellor of the Exchequer if he will estimate the proportion of tax revenue which would have come from green taxes if he had not introduced the carbon price floor or the increase in the North sea oil supplementary charge in each of the next four years.

Photo of Chloe Smith Chloe Smith The Economic Secretary to the Treasury

The Government are currently finalising their definition of environmental taxes. This will establish a baseline against which the Government’s commitment to increase the proportion of revenue from environmental taxes can be measured.

North sea oil taxes are not environmental taxes and have never been classified as such. The revenue forecast from the change in the supplementary charge was published in table 2.1 on page 42 of Budget 2011.

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