Corporation tax and petroleum revenue tax effectively cost UK taxpayers £39m over the first six months of this financial year
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. Petroleum revenue taxes for those six months stood at -£242m, compared with periods where PRT raised £577m in a single month.
Related: Scottish government accused of trying to bury report on falling oil revenues