UK Chancellor Reeves amends PE tax regime, targeting oil and gas firms first
By
NEWSBEEP
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Summary
UK Chancellor Rachel Reeves has announced plans to amend the tax regime for overseas permanent establishments (PEs) of UK-based companies. The changes would make mandatory the exemptions from UK tax for profits and losses attributable to UK companies operating through overseas PEs. Currently, companies can choose whether to exempt their overseas PE profits/losses or leave them within the UK tax net. The reform targets oil and gas firms first, and early-stage ventures that generate losses which could be set off against profits may be affected.
Key quotes
· 3 pulledChancellor of the exchequer Rachel Reeves announced plans to make mandatory exemptions from UK tax for profits and losses attributable to UK-based companies that conduct part of their operations through overseas permanent establishments (PEs).
Under current rules, companies can choose to exempt their overseas PE profits and losses or, broadly, leave the PE within the UK tax net – with the result that profits and losses arising are, as a starting point, subject to, or relievable against, UK tax.
Early stage ventures can often generate losses which may be set-off against profits including
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