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