UK HMRC Publishes Draft Legislation with Measures Targeting Oil and Gas Companies

UK HMRC has published a policy paper, draft legislation, and explanatory notes for the introduction of a new Oil and Gas Revenue Levy to replace the existing Energy Profits Levy. HMRC has also published the same for the Reform of the foreign permanent establishment exemption. As previously reported, although the reform will affect all foreign permanent establishments, it is primarily meant to target certain oil and gas groups that operate overseas through foreign branches and have structur…