Petroleum Revenue Tax

(asked on 9th May 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how many people received an exemption from the petroleum revenue tax for exploration and appraisal expenditure in (a) 2015-16 and (b) 2016-17.


Answered by
Robert Jenrick Portrait
Robert Jenrick
This question was answered on 14th May 2018

Only companies are able to claim petroleum revenue tax relief for exploration and appraisal expenditure. Fewer than ten companies claimed the relief in each of 2015-16 and 2016-17.

Only companies are able to claim cross field allowance for petroleum revenue tax relief. Fewer than ten companies claimed the relief in each of 2015-16 and 2016-17.

Only companies are able to claim Petroleum Revenue Tax relief for research expenditure. Fewer than ten companies claimed the relief in each of 2015-16 and 2016-17.

Only companies are able to claim Petroleum Revenue Tax relief for unrelieved field losses. Fewer than ten companies claimed the relief in each of 2015-16 and 2016-17.

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