UK Adds New Tax Pressure as Energy Security Concerns Grow

Britain is tightening another screw on its oil and gas sector, this time by closing a tax structure that officials say allowed multinational energy firms to sharply reduce taxes on profits generated from UK operations. Finance Minister Rachel Reeves said Thursday the government will end a practice allowing losses from foreign branches to offset taxable UK profits, a move she said was being used by some oil and gas companies to pay "little or no corporation tax" on British energy trading income....