UPDATE 1-UK to bring forward reforms on oil and gas profits channelled through foreign branches

​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.