Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of potential revenues available to the Exchequer through an increase in dividend taxation for North Sea oil and gas companies and energy transmission and distribution companies.

The Government does not typically provide assessments of changes to dividend tax by sector and does not propose doing so in this case.

The Government already places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.

The Government keeps all taxes under review and any changes are considered and announced by the Chancellor of the Exchequer.