Fossil Fuels: Taxation

Treasury written question – answered on 25th October 2021.

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Photo of Alan Brown Alan Brown Shadow SNP Spokesperson (Energy and Climate Change)

To ask the Chancellor of the Exchequer, what the (a) estimated and (b) actual oil and gas production revenues receipts were to the end of Quarter 2, financial year 2021-22.

Photo of Alan Brown Alan Brown Shadow SNP Spokesperson (Energy and Climate Change)

To ask the Chancellor of the Exchequer, what the estimated oil and gas production revenues for financial year 2021-2022 was; and what the revised projection is.

Photo of Helen Whately Helen Whately The Exchequer Secretary

Forecasts for government revenues from oil and gas production are provided by the Office for Budget Responsibility (OBR). Their most recent published forecast, provided for Budget 2021 on 3 March, is available on the OBR website at the following link https://obr.uk/efo/economic-and-fiscal-outlook-march-2021/. The OBR will publish an updated forecast on 27 October, alongside Autumn Budget 2021.

HM Revenue and Customs publishes monthly tax receipts statistics, including for UK oil and gas production, on a cash receipts basis, at GOV.UK at the following link https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk.

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