Revenue from North Sea oil and gas as a share of GDP over time Total revenue Composition of revenue Share: Note and source Note: The gas levy is excluded from these charts. Source: IFS revenue composition spreadsheet; table 11.11 of HMRC ‘Statistics of government revenues from UK oil and gas production’. Appears in Corporation tax explained Related content Corporation tax revenue by industry, 2018–19 Taxlab Data Item Should income from business be taxed like income from employment? There is a strong case to tax business income at the same rates as employment income – if the tax base is also reformed. Taxlab Key Questions Should tax be used to encourage entrepreneurship? There are reasons to promote entrepreneurship, but low headline tax rates on income from business are poorly targeted at that goal. Taxlab Key Questions Concentration of corporation tax payments, 2018–19 Taxlab Data Item