Good time to bug your MP

[speling bee]

Well if the oil was land based then the value of that land would be worth quite a bit, and a lot of tax would be levied. You could apply the same principal to the sea bed in UK economic waters.

I am talking about royalties related to extraction rights, not ownership. The continental shelf is not owned.

So what % of state income will the land tax cover?

[Robinho]

"Owned" is to be considered the equivalent to "being granted extraction rights" in this situation.

[speling bee]

"Owned" is to be considered the equivalent to "being granted extraction rights" in this situation.

So it's a land and mineral extraction rights tax. Fair enough. Does that cover 100% of state income?

[Mich the Tester]

Ummm, hang on. Oil is under the ground. The earth is round. I could dig a hole and find oil. My neighbour could dig a hole and find oil too, but it's in the same oilfield. Do we now have a race to extract as much as possible?

Is this another issue for the 'Transitional Problems' list?

[Robinho]

There's no reason why it couldn't though i'm personally in favour of cutting the budget by at least 50% anyway, but that's a separate argument.

[tractor]

..

Ummm, hang on. Oil is under the ground. The earth is round. I could dig a hole and find oil. My neighbour could dig a hole and find oil too, but it's in the same oilfield. Do we now have a race to extract as much as possible?

Is this another issue for the 'Transitional Problems' list?

No, you would both pay double the tax. Win/win or in your case lose/lose.

[speling bee]

There's no reason why it couldn't though i'm personally in favour of cutting the budget by at least 50% anyway, but that's a separate argument.

Not could but should.

Will your land and mineral extraction tax cover 100% of state income?

[Mich the Tester]

No, you would both pay double the tax. Win/win or in your case lose/lose.

No, win/win, because of the little land exchange deal. License to print money, as I told you.

[Robinho]

Not could but should.

Will your land and mineral extraction tax cover 100% of state income?

Yes it should be able to.

[speling bee]

Yes it should be able to.

Not should be able to. Should it? Is that your policy? Land and mineral extraction to meet 100% of state income?