Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether there was any prior consultation before the decision was taken to end the post transaction valuation check and PAYE health check currently provided by HMRC with effect from 31 March 2016 and, if not, why not.
Answered by Lord O'Neill of Gatley
HM Revenue and Customs (HMRC) has been consulting representative bodies through the Valuation Fiscal Forum over the last 18 months.
HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes.
HMRC has withdrawn valuation checks for income tax and PAYE as in most cases acceptable valuations were submitted, and therefore the service offered was not of sufficient value.
Asked by: Lord Hodgson of Astley Abbotts (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what is the total revenue they have received from the extraction and exploration of North Sea oil.
Answered by Lord Deighton
Government revenues from UK oil and gas production for all years to 2013-14 are published by HM Revenue & Customs (HMRC) as National Statistics on the GOV.UK website[1]. Total revenues can be found in Table 11.11 from the Statistics of Government revenues from UK oil and gas production publication[2].
The values in Table 11.11 are detailed in current prices, so for previous years they do not reflect the value of total revenue today. The total revenue received from the extraction and exploration of North Sea oil is £187.8 billion in current prices.
[1] https://www.gov.uk/government/collections/petroleum-revenue-tax-prt-and-government-revenues-from-uk-oil-and-gas-production