Oil and gas production from the UKCS has contributed £271 billion (2008 money) in tax revenues over the last forty years. In 2008, tax rates on UKCS production ranged from 50 to 75%, depending on the field. The industry paid £12.9 billion in corporate taxes in 2008–9, the largest since the mid-1980s, because of high oil and gas prices. This represented 28% of total corporation tax paid in the UK. It is expected that tax revenues from production will fall to £6.9 billion in 2009-10 based on an oil price of $47 per barrel, providing 20% of total corporation taxes. In addition to production taxes, the supply chain contributes another £5-6 billion per year in corporation and payroll taxes.
