UK to Close Oil Tax Loophole to Fund Cost-of-Living Blitz (1)

Chancellor of the Exchequer Rachel Reeves said the UK is closing a tax loophole on oil and gas companies, as she sought to pay for a raft of measures meant to soften the blow of a return of inflation pressures.

Reeves said she would alter the tax regime for oil and gas extraction firms that operate overseas, so that they can’t structure their tax affairs to pay little or no corporation tax in the UK.

“Today, we’re putting an end to that practice,” she said.

Political focus on oil and gas companies has intensified since the Iran war began because ...