North Sea Oil: Taxation

Treasury written question – answered am ar 9 Chwefror 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Kenny MacAskill Kenny MacAskill Alba, East Lothian

To ask the Chancellor of the Exchequer, what the estimated tax receipts will be from (a) North Sea oil and (b) North Sea oil landed via the Forties pipeline on an annual basis from 2024 to 2030.

Photo of Nigel Huddleston Nigel Huddleston The Financial Secretary to the Treasury

The Office for Budget Responsibility’s most recent forecast of tax revenues from the oil and gas sector was published at Autumn Statement 2023 in the Economic and Fiscal Outlook November 2023. It can be found at: https://obr.uk/docs/dlm_uploads/E03004355_November-Economic-and-Fiscal-Outlook_Web-Accessible.pdf

The forecast does not give a breakdown by field or project to protect taxpayer confidentiality

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