Proceeding contribution from Justine Greening (Conservative) in the House of Commons on Tuesday, 3 May 2011. It occurred during Debate on bill and Committee of the Whole House (HC) on Finance (No. 3) Bill.

Finance (No. 3) Bill

Realistically, it is not always possible to discuss rate changes with the industries concerned. It is not done as a matter of course, but the point about working with the industry to ensure that we understand the impact on more marginal investments is valid, and that is precisely what we are doing. The clause increases the rate of the supplementary charge, which is a tax on the profits of oil and gas production, from 20% to 32% from 24 March this year. It is fair to point out that oil prices have increased from $77 a barrel at the time of the June 2010 Budget to about $125 a barrel today.

Secondary information

Type: Proceeding contribution
Reference: 527 c622
Session: 2010-12
Chamber / Committee: House of Commons chamber
Subjects: Banks Financial services Excise duties Fuels EU economic policy Exploration Economic growth Oil Pay Natural gas Public expenditure Prices Offshore industry Regulation Taxation VAT Tax yields North Sea oil Bank levy
Legislation: Finance (No. 3) Bill 2010-12
Link: View this Proceeding contribution on www.publications.parliament.uk

Finance (No. 3) Bill

Secondary information

Librarians' tools