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)

Ithaca Energy

Harbour Energy

BP

Shell

Equinor

Enquest