UK closes tax loophole for oil and gas multinationals
Finance minister Rachel Reeves announced measures to prevent companies from using foreign branch structures to shelter British profits from taxation. The reform is expected to raise hundreds of millions of pounds annually to fund public services and consumer tax breaks.
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United Kingdom Finance Minister Rachel Reeves will close a tax loophole for multinationals to raise hundreds of millions of pounds annually. The reform targets oil and gas firms using foreign branches to shelter domestic profits from corporation tax. It tightens a fiscal regime where energy producers already face a 78% total tax burden during price spikes.
