The industry employs 450,000 people across the UK and in 2012-13 the industry paid £6.5 billion in taxes to the UK government. North Sea oil supplied 67% of the UK's oil demand in 2012 and 53% of the country's gas requirements and is a major boost to the country's economy. If oil revenues are included in GDP figures,

North Sea oil and gas industry cost UK taxpayer £396m in 2016 This article is more than 2 years old Analysis shows sector was a net drain on UK finances for first time, put down to slump in oil In 2014,  UK consumers paid 6 times more tax on petrol, excluding VAT, than the North Sea oil and gas industry paid on all taxes related to production. Chevron’s effective tax rate in 2014 on earnings from North Sea production was 5.4% ; statutory tax rates (of various types) on oil and gas should have totalled 61-82%. In other words, Norway has generated $18.8 per boe more in revenue for the state than the U.K. has. Figures 2 and 3 show that the difference is due to a combination of $9.1 less tax take per barrel and $9.8 per barrel in state equity cash flow and dividends. The industry employs 450,000 people across the UK and in 2012-13 the industry paid £6.5 billion in taxes to the UK government. North Sea oil supplied 67% of the UK's oil demand in 2012 and 53% of the country's gas requirements and is a major boost to the country's economy. If oil revenues are included in GDP figures, Tax receipts from offshore oil and gas slumped to just £35m in the last financial year, according to figures from HM Revenue and Customs. The figure is the lowest recorded since the early days of North Sea production. Corporation tax from offshore drilling raised £538m but that was offset by rebates on North Sea tax receipts have plunged into the red for the first time in the sector’s history after the steep decline in global oil prices. HM Revenue and Customs figures show that offshore corporation tax receipts for April to September were only £203m, compared with a six-monthly peak of £3.3bn in 2011. General description of the measure This package of measures will permanently zero rate Petroleum Revenue Tax (PRT) payable in respect of profits from oil and gas production in the UK and UKCS - a

to UK North Sea oil and gas companies in addition to the standard corporation tax rules. SCT is also charged on the same taxable base as RFCT, but with additional adjustments to disallow finance costs (e.g.

The Oil and Gas Authority recently lifted its long-term forecast [to 2050] for North Sea production by 2.8billion barrels of oil equivalent to 11.7billion barrels.’ They then predict tax revenues of £1 billion for each of the next five years. It was £1.18 billion in 2018, according to HMRC. UK Government revenues from oil production climbed to £1.18 billion in 2017-18, from the previous record low of minus £316 million the previous year, new figures from HMRC show. "More than £330bn in 2014 money has been paid to date on UK oil and gas production, however, HM Treasury has noted that tax take on production will fall in 2015-16 and fall further by 2021. Petroleum Revenue Tax ( PRT) is a direct tax collected in the United Kingdom. It was introduced under the Oil Taxation Act 1975, soon after Harold Wilson 's Labour government returned to power and in the immediate aftermath of the 1973 energy crisis, and was intended to ensure "fairer share

22 Aug 2018 UK North Sea revenue was £4.5 billion in 2013-14, but has declined since, due to lower production, rising expenditure, and lower oil prices.

11 Mar 2020 The UK has halved its forecasts of tax revenues it expects to be generated by the North Sea oil and gas industry in the coming years. The Office  In turn, this generates revenue for the UK Government, which shows as Scottish Government revenues in the GERS report. 2) How much was PRT before it was  22 Aug 2018 Under current fiscal arrangements, it is the UK government and UK taxpayers and then oil prices took their toll on offshore tax revenues from the North Sea North Sea revenues have risen a lot in percentage terms since 

6 Sep 2019 Annual government revenues from offshore oil and gas activity on the North Sea in the United Kingdom (UK) from 2008/09 to 2018/19* (in 

In turn, this generates revenue for the UK Government, which shows as Scottish Government revenues in the GERS report. 2) How much was PRT before it was  22 Aug 2018 Under current fiscal arrangements, it is the UK government and UK taxpayers and then oil prices took their toll on offshore tax revenues from the North Sea North Sea revenues have risen a lot in percentage terms since 

16 Mar 2016 The U.K. government has abolished the petroleum revenue tax, the levy Tax. Cuts likely to be welcomed by North Sea oil and gas producers 

4 Apr 2017 In total, the oil and gas sector has contributed about £190bn in tax revenues since the 1960s, not adjusted for inflation. But the future outlook is  Numbers of oil and gas fields with different Petroleum Revenue Tax Liabilities Table 11.11 - Government revenues from UK oil and gas production (updated Total Govt. Revenues. Offshore Corporation Tax (CT). PRT. Receipts. Net CT.

Chevron’s effective tax rate in 2014 on earnings from North Sea production was 5.4%; statutory tax rates (of various types) on oil and gas should have totalled 61-82%. In 2014, 3 (Shell, BP & Total) of the top 4 North Sea producers produced more than £4.3 billion worth of oil and gas and received over £300 million in net tax refunds . Call it an oil slick on the public finances. The National Audit Office (NAO) has crunched some numbers about the tax take from this country’s North Sea oil fields. They are so incredibly The Oil and Gas Authority recently lifted its long-term forecast [to 2050] for North Sea production by 2.8billion barrels of oil equivalent to 11.7billion barrels.’ They then predict tax revenues of £1 billion for each of the next five years. It was £1.18 billion in 2018, according to HMRC. UK Government revenues from oil production climbed to £1.18 billion in 2017-18, from the previous record low of minus £316 million the previous year, new figures from HMRC show.