Fossil Fuels: Tax Yields

HM Treasury written question – answered on 20th January 2017.

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Photo of Callum McCaig Callum McCaig Shadow SNP Westminster Group Leader (Energy and Climate Change)

To ask Mr Chancellor of the Exchequer, if he will estimate the expected tax yield from oil and gas in the next financial year as a result of the recent increase in the price of oil.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

The forecasted Exchequer revenues (Offshore Corporation Tax and Petroleum Revenue Tax) arising from the production and extraction of North Sea oil and gas from the UK and UK Continental Shelf are presented in Table 4.6 of the Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook: November 2016, which is available at: http://cdn.budgetresponsibility.org.uk/Nov2016EFO.pdf

The OBR will be publishing updated forecasts on 8th March 2017.

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