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654296

registered interest
date	07/12/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Fossil Fuels: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of how much proposed simplification of reporting processes for petroleum revenue tax will save oil and gas companies each year.
tabling member constituency	Aberdeen South
tabling member printed	Callum McCaig
uin	56504
answer	answer is ministerial correction date of answer 12/12/2016 answer text <p>The average administrative burden saving to companies in the oil and gas sector from simplifying the reporting process for Petroleum Revenue Tax is estimated at £620,000 per annum.</p><p> </p><p>Further information about the measure can be found in the Tax Information and Impact Note (published 23 November 2016). This is available at:</p><p><a href="https://www.gov.uk/government/publications/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry" target="_blank">https://www.gov.uk/government/publications/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry</a></p> answering member constituency Battersea answering member printed Jane Ellison question first answered 12/12/2016 14:34:44 answering member 3918 label Biography information for Jane Ellison
tabling member	4364 label Biography information for Callum McCaig

654297

registered interest
date	07/12/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Fossil Fuels: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, when new reporting processes to reduce the administrative costs of petroleum revenue tax for oil and gas companies are planned to come into effect.
tabling member constituency	Aberdeen South
tabling member printed	Callum McCaig
uin	56505
answer	answer is ministerial correction date of answer 12/12/2016 answer text <p>There are two stages to the simplification of the reporting process for the Petroleum Revenue Tax (PRT). The first is the simplification of the process for opting fields out of the PRT regime and the second concerns the removal of reporting requirements from PRT forms. Both simplifications came into force from 23 November 2016.</p><p> </p><p>Further details about the measure can be found in its technical note (published 23 November 2016). This is available at</p><p><a href="https://www.gov.uk/government/publications/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry-technical-note/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry-technical-note" target="_blank">https://www.gov.uk/government/publications/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry-technical-note/petroleum-revenue-tax-cutting-administration-costs-for-the-oil-industry-technical-note</a></p> answering member constituency Battersea answering member printed Jane Ellison question first answered 12/12/2016 14:35:45 answering member 3918 label Biography information for Jane Ellison
tabling member	4364 label Biography information for Callum McCaig