Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
Mar 1, 2013

Top hedge fund manager loses 19 million pounds UK tax case

LONDON (Reuters) – A prominent London hedge fund manager has failed in his attempt to shelter 19 million pounds ($29 million) of profits from taxes through the use of an avoidance scheme, the UK tax authority said on Friday, as it steps up a government-backed crackdown on such schemes.

Patrick Degorce, chief investment officer at hedge fund Theleme Partners, availed himself of a scheme marketed by film finance group Goldcrest Pictures Limited, which involved buying and selling movie rights via a British Virgin Islands entity.

Mar 1, 2013

Top hedge fund manager loses $29 mln UK tax case

LONDON, March 1 (Reuters) – A prominent London hedge fund
manager has failed in his attempt to shelter 19 million pounds
($29 million) of profits from taxes through the use of an
avoidance scheme, the UK tax authority said on Friday, as it
steps up a government-backed crackdown on such schemes.

Patrick Degorce, chief investment officer at hedge fund
Theleme Partners, availed himself of a scheme marketed by film
finance group Goldcrest Pictures Limited, which involved buying
and selling movie rights via a British Virgin Islands entity.

Feb 18, 2013

Insight: In Europe’s tax race, it’s the base, not the rate, that counts

LONDON (Reuters) – In late November, members of the American Chamber of Commerce gathered at the Four Seasons hotel in Dublin for a Thanksgiving lunch of roast turkey and pumpkin pie and a declaration of hospitality from Ireland’s finance minister.

“We’re a friendly country for investors and one of the key elements of the friendliness of the package is the 12.5 percent tax rate,” Michael Noonan said. “I want to tell you once more, that’s not negotiable.”

Feb 18, 2013

In Europe’s tax race, it’s the base, not the rate, that counts

LONDON, Feb 18 (Reuters) – In late November, members of the
American Chamber of Commerce gathered at the Four Seasons hotel
in Dublin for a Thanksgiving lunch of roast turkey and pumpkin
pie and a declaration of hospitality from Ireland’s finance
minister.

“We’re a friendly country for investors and one of the key
elements of the friendliness of the package is the 12.5 percent
tax rate,” Michael Noonan said. “I want to tell you once more,
that’s not negotiable.”

Jan 31, 2013

MPs press accountants on tax avoidance

LONDON (Reuters) – MPs grilled senior tax officials from leading accounting firms on Thursday over their role in helping big companies avoid tax, and said they could be banned from government contracts because of their tax work.

Governments are under pressure from voters to reduce tax avoidance by rich companies and make them share more of the burden of lowering large budget deficits built up following the 2008 financial crisis.

Jan 31, 2013

UK lawmakers press accountants on tax avoidance

LONDON, Jan 31 (Reuters) – UK lawmakers grilled senior tax
officials from leading accounting firms on Thursday over their
role in helping big companies avoid tax, and said they could be
banned from government contracts because of their tax work.

Governments are under pressure from voters to reduce tax
avoidance by rich companies and make them share more of the
burden of lowering large budget deficits built up following the
2008 financial crisis.

Jan 30, 2013

BP reorganises core oil and gas production unit

LONDON, Jan 30 (Reuters) – BP said it was making ten senior
management changes in a reorganization of its core oil and gas
production unit, continuing a reversal of the structure adopted
in the wake of the Gulf of Mexico oil spill.

The move is the latest in BP’s struggle to return to normal
as it continues to tackle legal challenges in the United States
and a share price a long way short of its pre-spill levels.

Jan 29, 2013

UK children’s magazine promotes adult video games

LONDON (Reuters) – A British magazine distributed by a joint venture of Conde Nast and Hearst Corporation and aimed at primary school children has been featuring images of adult-rated video games.

The most recent issue of Cool Kidz, which is published by privately-owned LCD Publishing, contained images of five games that carried age ratings of 18 years, under the European gaming industry’s PEGI rating scheme.

Jan 22, 2013

Britain’s biggest companies see tax bill drop 18 percent

LONDON (Reuters) – The corporation tax bill for Britain’s biggest companies tumbled by 18 percent last year, despite a rise in profits, PricewaterhouseCoopers (PwC) said on Tuesday.

The accountancy firm’s annual report on tax payments by the Hundred Group, which represents about 100 of the biggest UK-listed and headquartered companies, comes amid intense public anger about tax avoidance.

Jan 22, 2013

Britain’s biggest companies see tax bill drop 18 percent in 2012

LONDON (Reuters) – The corporation tax bill for Britain’s biggest companies tumbled by 18 percent last year, despite a rise in profits, PricewaterhouseCoopers PWC.UL (PwC) said on Tuesday.

The accountancy firm’s annual report on tax payments by the Hundred Group, which represents about 100 of the biggest UK-listed and headquartered companies, comes amid intense public anger about tax avoidance.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
    • Follow Tom