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North Sea Fiscal Regime

EDM number 869 in 1997-98, proposed by Norman A Godman on 02/03/1998.

That this House recognises that the prevailing North Sea fiscal regime is exceptionally weak by both historical and international standards, that while United Kingdom production of hydrocarbons has reached a record level, the Governemnt's share of the gross trading profits of oil and gas companies was only 25 per cent. in 1996 compared with 48.6 per cent. in 1987, that in 1996 North Sea tax revenues were still ú1 billion less than in 1987 despite the fact that gross trading profits were ú4.8 billion greater, that the rate of return for oil and gas companies was 12.5 percentage points greater than the average for other United Kingdom industrial and commercial companies, that a majority of North Sea assets are controlled by foreign companies, that the United Kingdom is unique in being the only country in the world which does not charge any special petroleum tax or royalty for the exploitation of fields developed since 1993 and that the recent reduction in corporation tax to 31 per cent. will further reduce the tax-take from the North Sea; and this House therefore urges the Treasury team to take all these factors into full account before they finalise their current review of the North Sea fiscal regime.

This motion has been signed by a total of 36 MPs, 1 of these signatures have been withdrawn.

Norman Godman02/03/1998Greenock & InverclydeLabourProposed
Gordon Prentice02/03/1998PendleLabourSigned
Andrew MacKinlay02/03/1998ThurrockLabourSigned
Harry Cohen02/03/1998Leyton & WansteadLabourSigned
Ian Davidson02/03/1998Glasgow, PollokLabour Co-operativeSigned
Maria Fyfe02/03/1998Glasgow, MaryhillLabourSigned
Mike Hancock02/03/1998Portsmouth SouthLiberal DemocratSigned
David Winnick02/03/1998Walsall NorthLabourSigned
Jimmy Wray02/03/1998Glasgow, BailliestonLabourSigned
Ann Cryer03/03/1998KeighleyLabourSigned
Robert Wareing03/03/1998Liverpool, West DerbyLabourSigned
David Taylor03/03/1998North West LeicestershireLabour Co-operativeSigned
Jim Cunningham03/03/1998Coventry SouthLabourSigned
Lawrence Cunliffe03/03/1998LeighLabourSigned
Eric Clarke03/03/1998MidlothianLabourSigned
Bill Michie03/03/1998Sheffield, HeeleyLabourSigned
Alice Mahon03/03/1998HalifaxLabourSigned
Ken Livingstone03/03/1998Brent EastLabourSigned
Ashok Kumar03/03/1998Middlesbrough South & East ClevelandLabourSigned
Lynne Jones03/03/1998Birmingham, Selly OakLabourSigned
Dennis Skinner03/03/1998BolsoverLabourSigned
Brian Sedgemore03/03/1998Hackney South & ShoreditchLabourSigned
John McDonnell03/03/1998Hayes & HarlingtonLabourSigned
Kelvin Hopkins04/03/1998Luton NorthLabourSigned
John Cryer05/03/1998HornchurchLabourSigned
Jim Dobbin05/03/1998Heywood & MiddletonLabour Co-operativeSigned
Kevin McNamara06/03/1998Kingston upon Hull NorthLabourSigned
Harry Barnes06/03/1998North East DerbyshireLabourSigned
David Chaytor10/03/1998Bury NorthLabourSigned
Jeremy Corbyn13/03/1998Islington NorthLabourSigned
Dale Campbell-Savours18/03/1998WorkingtonLabourSigned
Paul Flynn18/03/1998Newport WestLabourSigned
Rudi Vis23/03/1998Finchley & Golders GreenLabourSigned
Austin Mitchell31/03/1998Great GrimsbyLabourSigned
Colin Burgon06/04/1998ElmetLabourSigned
Nigel JonesUnknownWithdrawn

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