British Chancellor of the Exchequer Rachel Reeves said Thursday that she intends to change tax regulations governing profits of oil and gas companies' foreign branches.
"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," according to Reeves. "Today we are putting an end to that practice," she added.
The changes are part of broader reforms that aim to raise hundreds of millions of pounds sterling per year.