UK to bring forward reforms on oil and gas profits channelled through foreign branches

LONDON, May 21 (Reuters) – British finance ​minister
Rachel ‌Reeves said on ⁠Thursday the government would ⁠accelerate
planned changes ​to the taxation of oil and gas company
profitschannelled ​through ‌foreign branches, reforms expected to
raise hundreds of millions of pounds ​per year.

“Currently, some oil ‌and gas groups that operate overseas
through ‌foreign branches have structured their tax affairs in a
way ​which ensures they pay little ‌or no corporation tax on their
UK energy trading ⁠profits,” ⁠Reeves told ‌parliament.

“Today we’re putting an end to ​that ​practice,” she ‌said.
(Reporting by Muvija M, writing by Sam Tabahriti, editing by
William James)