Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1019927

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198899
	answer	answer is ministerial correction date of answer 14/12/2018 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> answering member constituency Newark answering member printed Robert Jenrick question first answered 14/12/2018 08:50:27 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019935

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198900
	answer	answer is ministerial correction date of answer 14/12/2018 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> answering member constituency Newark answering member printed Robert Jenrick question first answered 14/12/2018 08:51:28 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019939

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has put in place to maintain job security for workers on North Sea oil rigs when Transferable Tax History is implemented.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198901
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <p>Transferable tax history will encourage new investment into the North Sea and prolong the productive life of the basin. This will help protect the 280,000 jobs across the UK that are supported by the industry.</p> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 198904 question first answered 14/12/2018 08:54:00 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019944

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of limiting Transferable Tax History claims to incoming companies’ investment in (a) infrastructure, (b) maintenance, (c) retraining and (d) methane reduction.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198902
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <p>Restricting the use of transferable tax history (TTH) in this way will make it an unattractive tool for new entrants to the basin.</p><p> </p><p>TTH has been carefully designed to put new entrants in the same tax position as current licensees. Creating a two-tier system where new entrants must meet stricter criteria than existing operators to receive tax relief will discourage much needed new investment into the basin.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 14/12/2018 08:55:11 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019945

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the net flow of revenue has been between the Treasury and North Sea oil and gas companies over the last three years.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198903
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <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>”. Total Government revenue, including oil licence fees, is published by the Oil and Gas Authority at “<em>Table: Government revenues from UK oil and gas production 1964/65-2017/18</em>”</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><tr><td><p>Licence fees (£m)</p></td><td><p>71</p></td><td><p>65</p></td><td><p>62</p></td></tr><tr><td><p>Total Gov Revenue (£m)</p></td><td><p>69</p></td><td><p>-285</p></td><td><p>1,250</p></td></tr></tbody></table><p> </p><p> </p><p>Link to publications<strong>: <a href="https://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production--2" target="_blank">https://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production--2</a></strong></p><p><strong><a href="https://www.ogauthority.co.uk/media/5138/tax_table_nov_2018.pdf" target="_blank">https://www.ogauthority.co.uk/media/5138/tax_table_nov_2018.pdf</a></strong></p><p> </p> answering member constituency Newark answering member printed Robert Jenrick question first answered 14/12/2018 08:56:51 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019947

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the stability and security of jobs for workers on North Sea oil rigs under Transferable Tax History.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198904
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <p>Transferable tax history will encourage new investment into the North Sea and prolong the productive life of the basin. This will help protect the 280,000 jobs across the UK that are supported by the industry.</p> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 198901 question first answered 14/12/2018 08:54:00 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019949

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the compatibility of Transferable Tax History and the Paris climate agreement.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198905
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <p>In the IPCC Special Report on Global Warming of 1.5˚C, all the scenarios reflect an ongoing role for some fossil fuel use, recognising the need to maintain a supply of energy to meet global demand.</p><p> </p><p>The UK is currently a net importer of both oil and gas and our domestic supply is forecast to decline further in the future. Managing the declining production of our relatively small domestic basin, whilst reducing our overall consumption of fossil fuels is compatible with the UK’s obligations under the Paris Climate Agreement.</p> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 198906 question first answered 14/12/2018 08:58:16 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1019955

	registered interest
	date	04/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: North Sea
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what proportion of the UK’s remaining 7.5 billion barrels of discovered undeveloped oil and gas resources can be exploited if the UK is to contribute to meeting the climate change goals set out in the Paris Agreement.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	198906
	answer	answer is ministerial correction date of answer 14/12/2018 answer text <p>In the IPCC Special Report on Global Warming of 1.5˚C, all the scenarios reflect an ongoing role for some fossil fuel use, recognising the need to maintain a supply of energy to meet global demand.</p><p> </p><p>The UK is currently a net importer of both oil and gas and our domestic supply is forecast to decline further in the future. Managing the declining production of our relatively small domestic basin, whilst reducing our overall consumption of fossil fuels is compatible with the UK’s obligations under the Paris Climate Agreement.</p> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 198905 question first answered 14/12/2018 08:58:16 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1020236

	registered interest
	date	05/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	199457
	answer	answer is ministerial correction date of answer 14/12/2018 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> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 199458 199459 199460 question first answered 14/12/2018 12:42:47 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis

1020237

	registered interest
	date	05/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	199458
	answer	answer is ministerial correction date of answer 14/12/2018 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> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 199457 199459 199460 question first answered 14/12/2018 12:42:47 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis