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1136972
star this property registered interest false more like this
star this property date less than 2019-07-04more like thismore than 2019-07-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Soft Drinks: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policy on the soft drinks industry levy of research by Cancer Research UK linking obesity and cancer. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 273450 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove maximum value filtermore like thismore than 2019-07-09
star this property answer text <p>All taxes are kept under review. New evidence related to fiscal interventions such as the Soft Drinks Industry Levy is considered as part of the normal Budget process. As set out in Phase 2 of the Childhood Obesity Strategy, HMT will review the Soft Drinks Industry Levy exemption for milk-based drinks in 2020.</p> more like this
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2019-07-09T07:26:58.023Zmore like thismore than 2019-07-09T07:26:58.023Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1136976
star this property registered interest false more like this
star this property date less than 2019-07-04more like thismore than 2019-07-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Coinage more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, how much money from the public purse has been spent on the creation of the new 50p coin to commemorate the UK leaving the EU. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 273452 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove maximum value filtermore like thismore than 2019-07-09
star this property answer text <p>The cost of designing and producing commemorative coins is met by the Royal Mint out of its own revenues, at no cost to the taxpayer.</p> more like this
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2019-07-09T07:24:38.043Zmore like thismore than 2019-07-09T07:24:38.043Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1136299
star this property registered interest false more like this
star this property date less than 2019-07-02more like thismore than 2019-07-02
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to the Written Statement of 21 March 2019 on Decommissioning Relief Deeds, HCWS1435, what the name is of the oil company that defaulted on its decommissioning obligations causing the Government to make two payments totaling £45.4 million in 2017-18; what the circumstances were of that default; and if he will place in the Library a copy of the evidential basis for calculating the provision of £357.1 million for future defaults. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 272255 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-07-08more like thismore than 2019-07-08
star this property answer text <p>HM Treasury’s 2018-19 accounts recognise a provision of £357m payable to MCX Dunlin and MCX Osprey in respect of decommissioning expenditure in relation to the Dunlin cluster of fields, created as a result of Fairfield Energy defaulting on their decommissioning obligations. The decision to decommission the Dunlin cluster was a commercial decision made by Fairfield Energy, MCX Dunlin and MCX Osprey after reaching agreement with the Oil and Gas Authority that maximised economic recovery had been achieved for these assets.</p><p> </p><p>The provision is based on the tax relief due on the estimated remaining costs of decommissioning the defaulted fields, discounted for the time value of money.</p> more like this
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2019-07-08T16:45:50.747Zmore like thismore than 2019-07-08T16:45:50.747Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1134150
star this property registered interest false more like this
star this property date less than 2019-06-24more like thismore than 2019-06-24
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Soft Drinks: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what the projected revenue from the Soft Drinks Industry levy is for financial year 2019-20. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 268572 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-07-02more like thismore than 2019-07-02
star this property answer text <p>The current forecast for the Soft Drinks Industry Levy is published in the Office for Budget Responsibility’s March 2019 Economic and Fiscal Outlook. The 2019-20 figure is currently estimated at £344m. The publication tables can be found on the OBR’s website: <a href="https://cdn.obr.uk/Fiscal_charts_and_tables_March_2019.xlsx" target="_blank">https://cdn.obr.uk/Fiscal_charts_and_tables_March_2019.xlsx</a></p> more like this
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2019-07-02T13:22:14.38Zmore like thismore than 2019-07-02T13:22:14.38Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1020236
star this property registered interest false more like this
star this property date less than 2018-12-05more like thismore than 2018-12-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether the Government has established a decommissioning fund to ensure funding for the transferable tax history policy. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 199457 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p><strong>T</strong>ransferable tax history is forecast to increase tax receipts from oil and gas production by £65m between tax years 2018-19 and 2023-24.</p><p> </p><p>It would therefore be unnecessary to set aside additional funding to implement this policy.</p><p> </p><p>Wider decommissioning tax relief is provided to companies undertaking decommissioning activities through deductions against current or future taxable profits and, in some situations, repayments of previously paid tax.</p><p> </p><p>The UK oil and gas industry is expected to pay an additional £13bn of tax over the next 5 years, net of tax repayments for decommissioning tax relief.</p><p> </p><p>The Government publishes OBR verified forecasts of future tax receipts for the 5 year period up to year 2023/24.</p><p> </p><p>Government internal projections for TTH beyond 2023/24 show it will continue to be revenue positive for the Exchequer.</p><p> </p><p>Para 5 (d) of Schedule 14 to the Finance Bill (No.3) 2017-19 determines the “uplifted decommissioning cost estimate”. This refers to the maximum possible amount of tax history that the seller can transfer to a purchaser under a transferable tax history election. It does not represent the actual tax relief that the purchaser will receive from making a claim for transferable tax history.</p><p> </p><p>The amount of transferable tax history that a purchaser can claim will always be limited to the activated amount of transferable tax history. The activated amount is defined as the extent by which decommissioning costs of the transferred field exceed the tracked profits of the transferred field.</p><p> </p><p>If a purchaser is able to make a claim for transferable tax history they cannot receive a larger repayment than the seller would have received for undertaking the same decommissioning work.</p><p> </p><p>The current estimate of the exchequer’s liability for decommissioning costs is therefore unaffected by the introduction of transferable tax history.</p><p> </p><p>Government tax revenues from North Sea Oil and Gas companies over the last three years are reproduced in the table below. More details can be found in Table 11.11 in the publication “<em>Statistics of Government revenues from UK Oil and Gas production</em>”.</p><p> </p><p>Tax repayments are made to ring-fenced oil and gas companies if the assessment of tax due from an earlier period is revised downwards. This can be the result of many factors, including decommissioning tax relief. Estimates of total tax relief arising from decommissioning expenditure will be published by HMRC in <em>Estimated Costs of Tax Reliefs</em> in early 2019.</p><p> </p><p> </p><table><tbody><tr><td><p> </p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td></tr><tr><td><p>Total tax revenues (£m)</p></td><td><p>-2</p></td><td><p>-350</p></td><td><p>1,188</p></td></tr></tbody></table><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf</a></p><p> </p><p><strong> </strong></p><p> </p>
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property grouped question UIN
199458 more like this
199459 more like this
199460 more like this
star this property question first answered
less than 2018-12-14T12:42:47.277Zmore like thismore than 2018-12-14T12:42:47.277Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1020237
star this property registered interest false more like this
star this property date less than 2018-12-05more like thismore than 2018-12-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of the costs of the transferable tax history policy in the ten years after April 2024. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 199458 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p><strong>T</strong>ransferable tax history is forecast to increase tax receipts from oil and gas production by £65m between tax years 2018-19 and 2023-24.</p><p> </p><p>It would therefore be unnecessary to set aside additional funding to implement this policy.</p><p> </p><p>Wider decommissioning tax relief is provided to companies undertaking decommissioning activities through deductions against current or future taxable profits and, in some situations, repayments of previously paid tax.</p><p> </p><p>The UK oil and gas industry is expected to pay an additional £13bn of tax over the next 5 years, net of tax repayments for decommissioning tax relief.</p><p> </p><p>The Government publishes OBR verified forecasts of future tax receipts for the 5 year period up to year 2023/24.</p><p> </p><p>Government internal projections for TTH beyond 2023/24 show it will continue to be revenue positive for the Exchequer.</p><p> </p><p>Para 5 (d) of Schedule 14 to the Finance Bill (No.3) 2017-19 determines the “uplifted decommissioning cost estimate”. This refers to the maximum possible amount of tax history that the seller can transfer to a purchaser under a transferable tax history election. It does not represent the actual tax relief that the purchaser will receive from making a claim for transferable tax history.</p><p> </p><p>The amount of transferable tax history that a purchaser can claim will always be limited to the activated amount of transferable tax history. The activated amount is defined as the extent by which decommissioning costs of the transferred field exceed the tracked profits of the transferred field.</p><p> </p><p>If a purchaser is able to make a claim for transferable tax history they cannot receive a larger repayment than the seller would have received for undertaking the same decommissioning work.</p><p> </p><p>The current estimate of the exchequer’s liability for decommissioning costs is therefore unaffected by the introduction of transferable tax history.</p><p> </p><p>Government tax revenues from North Sea Oil and Gas companies over the last three years are reproduced in the table below. More details can be found in Table 11.11 in the publication “<em>Statistics of Government revenues from UK Oil and Gas production</em>”.</p><p> </p><p>Tax repayments are made to ring-fenced oil and gas companies if the assessment of tax due from an earlier period is revised downwards. This can be the result of many factors, including decommissioning tax relief. Estimates of total tax relief arising from decommissioning expenditure will be published by HMRC in <em>Estimated Costs of Tax Reliefs</em> in early 2019.</p><p> </p><p> </p><table><tbody><tr><td><p> </p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td></tr><tr><td><p>Total tax revenues (£m)</p></td><td><p>-2</p></td><td><p>-350</p></td><td><p>1,188</p></td></tr></tbody></table><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf</a></p><p> </p><p><strong> </strong></p><p> </p>
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property grouped question UIN
199457 more like this
199459 more like this
199460 more like this
star this property question first answered
less than 2018-12-14T12:42:47.337Zmore like thismore than 2018-12-14T12:42:47.337Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1020238
star this property registered interest false more like this
star this property date less than 2018-12-05more like thismore than 2018-12-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to Part 2, paragraph 5d of Schedule 14 on Clause 36 of the Finance Bill 2018, what assessment he has made of the potential of the decommissioning costs doubling over the life-cycle of transferable tax history. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 199459 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p><strong>T</strong>ransferable tax history is forecast to increase tax receipts from oil and gas production by £65m between tax years 2018-19 and 2023-24.</p><p> </p><p>It would therefore be unnecessary to set aside additional funding to implement this policy.</p><p> </p><p>Wider decommissioning tax relief is provided to companies undertaking decommissioning activities through deductions against current or future taxable profits and, in some situations, repayments of previously paid tax.</p><p> </p><p>The UK oil and gas industry is expected to pay an additional £13bn of tax over the next 5 years, net of tax repayments for decommissioning tax relief.</p><p> </p><p>The Government publishes OBR verified forecasts of future tax receipts for the 5 year period up to year 2023/24.</p><p> </p><p>Government internal projections for TTH beyond 2023/24 show it will continue to be revenue positive for the Exchequer.</p><p> </p><p>Para 5 (d) of Schedule 14 to the Finance Bill (No.3) 2017-19 determines the “uplifted decommissioning cost estimate”. This refers to the maximum possible amount of tax history that the seller can transfer to a purchaser under a transferable tax history election. It does not represent the actual tax relief that the purchaser will receive from making a claim for transferable tax history.</p><p> </p><p>The amount of transferable tax history that a purchaser can claim will always be limited to the activated amount of transferable tax history. The activated amount is defined as the extent by which decommissioning costs of the transferred field exceed the tracked profits of the transferred field.</p><p> </p><p>If a purchaser is able to make a claim for transferable tax history they cannot receive a larger repayment than the seller would have received for undertaking the same decommissioning work.</p><p> </p><p>The current estimate of the exchequer’s liability for decommissioning costs is therefore unaffected by the introduction of transferable tax history.</p><p> </p><p>Government tax revenues from North Sea Oil and Gas companies over the last three years are reproduced in the table below. More details can be found in Table 11.11 in the publication “<em>Statistics of Government revenues from UK Oil and Gas production</em>”.</p><p> </p><p>Tax repayments are made to ring-fenced oil and gas companies if the assessment of tax due from an earlier period is revised downwards. This can be the result of many factors, including decommissioning tax relief. Estimates of total tax relief arising from decommissioning expenditure will be published by HMRC in <em>Estimated Costs of Tax Reliefs</em> in early 2019.</p><p> </p><p> </p><table><tbody><tr><td><p> </p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td></tr><tr><td><p>Total tax revenues (£m)</p></td><td><p>-2</p></td><td><p>-350</p></td><td><p>1,188</p></td></tr></tbody></table><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf</a></p><p> </p><p><strong> </strong></p><p> </p>
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property grouped question UIN
199457 more like this
199458 more like this
199460 more like this
star this property question first answered
less than 2018-12-14T12:42:47.417Zmore like thismore than 2018-12-14T12:42:47.417Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1020239
star this property registered interest false more like this
star this property date less than 2018-12-05more like thismore than 2018-12-05
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading North Sea Oil: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what sums the Government (a) received in tax revenues from North Sea oil production and (b) paid out in decommissioning-related tax breaks in each of the last three years for which figures are available. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 199460 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p><strong>T</strong>ransferable tax history is forecast to increase tax receipts from oil and gas production by £65m between tax years 2018-19 and 2023-24.</p><p> </p><p>It would therefore be unnecessary to set aside additional funding to implement this policy.</p><p> </p><p>Wider decommissioning tax relief is provided to companies undertaking decommissioning activities through deductions against current or future taxable profits and, in some situations, repayments of previously paid tax.</p><p> </p><p>The UK oil and gas industry is expected to pay an additional £13bn of tax over the next 5 years, net of tax repayments for decommissioning tax relief.</p><p> </p><p>The Government publishes OBR verified forecasts of future tax receipts for the 5 year period up to year 2023/24.</p><p> </p><p>Government internal projections for TTH beyond 2023/24 show it will continue to be revenue positive for the Exchequer.</p><p> </p><p>Para 5 (d) of Schedule 14 to the Finance Bill (No.3) 2017-19 determines the “uplifted decommissioning cost estimate”. This refers to the maximum possible amount of tax history that the seller can transfer to a purchaser under a transferable tax history election. It does not represent the actual tax relief that the purchaser will receive from making a claim for transferable tax history.</p><p> </p><p>The amount of transferable tax history that a purchaser can claim will always be limited to the activated amount of transferable tax history. The activated amount is defined as the extent by which decommissioning costs of the transferred field exceed the tracked profits of the transferred field.</p><p> </p><p>If a purchaser is able to make a claim for transferable tax history they cannot receive a larger repayment than the seller would have received for undertaking the same decommissioning work.</p><p> </p><p>The current estimate of the exchequer’s liability for decommissioning costs is therefore unaffected by the introduction of transferable tax history.</p><p> </p><p>Government tax revenues from North Sea Oil and Gas companies over the last three years are reproduced in the table below. More details can be found in Table 11.11 in the publication “<em>Statistics of Government revenues from UK Oil and Gas production</em>”.</p><p> </p><p>Tax repayments are made to ring-fenced oil and gas companies if the assessment of tax due from an earlier period is revised downwards. This can be the result of many factors, including decommissioning tax relief. Estimates of total tax relief arising from decommissioning expenditure will be published by HMRC in <em>Estimated Costs of Tax Reliefs</em> in early 2019.</p><p> </p><p> </p><table><tbody><tr><td><p> </p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td></tr><tr><td><p>Total tax revenues (£m)</p></td><td><p>-2</p></td><td><p>-350</p></td><td><p>1,188</p></td></tr></tbody></table><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740260/Table_11.11__Sept_2018_.pdf</a></p><p> </p><p><strong> </strong></p><p> </p>
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property grouped question UIN
199457 more like this
199458 more like this
199459 more like this
star this property question first answered
less than 2018-12-14T12:42:47.463Zmore like thismore than 2018-12-14T12:42:47.463Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1019927
star this property registered interest false more like this
star this property date less than 2018-12-04more like thismore than 2018-12-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment the Government has made of the effect of Transferable Tax History on the incentives for buying companies to increase oil and gas production and generate further revenues. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 198899 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p>The Government, with technical advice from the Oil and Gas Authority (OGA) and representations from the industry via the trade body Oil and Gas UK, assesses that there will be instances when companies hoping to purchase mature fields will be in a position to extract more value from the field through investment than their current owner.</p><p> </p><p>However, there is a barrier to these deals taking place due to the uncertainty around whether the buyer will obtain equivalent decommissioning tax relief.</p><p> </p><p>Transferable Tax History (TTH) overcomes this uncertainty, enabling companies to complete asset deals on mature fields and allowing new investment to take place. Without TTH, transactions for mature assets are expected to be less common and the increased revenue from production is not realised.</p><p> </p><p>More details can be found in the published policy paper, <em>“Oil and gas taxation: transferable tax history and retention of decommissioning expenditure”</em>.</p><p> </p>
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2018-12-14T08:50:27.2Zmore like thismore than 2018-12-14T08:50:27.2Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter
1019935
star this property registered interest false more like this
star this property date less than 2018-12-04more like thismore than 2018-12-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make an assessment of the effect of trends in the level of oil prices on the cost to the public purse of the Transferable Tax History. more like this
star this property tabling member constituency Norwich South more like this
star this property tabling member printed
Clive Lewis more like this
star this property uin 198900 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-14more like thismore than 2018-12-14
star this property answer text <p>Transferable tax history (TTH) is expected to increase tax receipts from the oil and gas sector by £65 million between tax years 2018-19 and 2023-24. This is based on forecast oil and gas prices as set by the independent Office for Budget Responsibility.</p><p> </p><p>A higher oil price will encourage investment in oil and gas extraction, facilitating more transactions for oil and gas fields and increasing the use of the TTH mechanism. Therefore, TTH would help increase revenues from oil and gas through increased production.</p><p> </p><p>A lower oil price will reduce the incentive for investment and decrease the likelihood that mature oil and gas fields will be sold. In this scenario the yield from new investment as a result of TTH will be lower. However, a low oil price is unlikely to result in TTH having a negative impact on tax receipts.</p><p> </p> more like this
star this property answering member constituency Newark remove filter
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2018-12-14T08:51:28.883Zmore like thismore than 2018-12-14T08:51:28.883Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
4500
unstar this property label Biography information for Clive Lewis remove filter