In introducing the Petroleum Revenue Tax Bill to Parliament in December 1979, the Treasury Minister of State, Peter Rees, admitted that the Bill was partly a response to the Government’s critical cash flow problem, caused by industrial action.

[1] The Bill was designed to advance the payments of petroleum revenue tax (PRT).

It was estimated that the provisions would bring £700 million forward from 1980–81 into the financial year 1979–80.

[1] The Petroleum Revenue Tax Act 1980 (c. 1) received royal assent on 31 January 1980.

Its long title is "An Act to make new provision in respect of petroleum revenue tax so as to require payments on account of tax to be made in advance of the making of an assessment, to bring forward the date from which interest is payable on unpaid and overpaid tax and to provide for altering the rate at which such interest is payable".