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Portrait ofPhilip Reid

Philip Reid

Partner

Contact
CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Philip is a partner in the tax team in London and joined CMS in 2013. He primarily advises on corporate tax matters including mergers and acquisitions, joint ventures, investments and tax structuring. He has been named as a Rising Star in MergerLinks’s list of top tax lawyers most active on transactions in the EMEA region.

Philip works across a variety of sectors but has a particular focus on energy and infrastructure, frequently advising clients on transactions and investments as part of CMS’s market-leading practice in this sector. He is widely recognised in the oil and gas industry and has acted on a substantial number of upstream deals in the UK and internationally in recent years, including many with innovative features. He also advises clients in the sector on various ad hoc tax matters, including in relation to energy transition projects.

Philip often works on cross-border transactions and advisory matters, including with CMS colleagues in other jurisdictions, and holds an Advanced Diploma in International Taxation from the Chartered Institute of Taxation.

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Relevant experience

  • bp on the formation of Azule Energy, a USD 14bn joint venture with Eni combining all of their upstream and midstream assets in Angola to create Africa’s largest independent energy company.
  • Octopus Energy Group, the British renewable energy group specialising in sustainable energy, on its takeover of Bulb Energy’s 1.5m customers. This ground-breaking transaction included the use of an energy transfer scheme for the first time in the United Kingdom.
  • HitecVision/NEO Energy on various transactions, including the acquisition of JX Nippon Exploration and Production UK and of over 15 oil and gas fields from Exxon.
  • DIF Capital Partners on its acquisition of the largest co-location portfolio of solar and battery storage in the UK.
  • Equinor on the sale of interest in its Corrib gas field in the Republic of Ireland via a sale of Equinor Energy Ireland to Vermilion.
  • SSE on the sale of its entire offshore UK gas business through the sale of SSE E&P UK Limited to RockRose.
  • bp on its acquisition of Chargemaster plc, the UK-based electric vehicle charge point business.
  • A consortium comprised of GLIL Infrastructure and Octopus Energy Group on the acquisition of a 12.5% interest in the Hornsea One Offshore Wind Farm from Global Infrastructure Partners.
  • Deloitte on the sale of its pensions advisory division to Isio.
  • EDF on the UK aspects of its acquisition of GE Steam Power's global nuclear activities, together with CMS France.
  • NeuConnect on the development of its 1400MW electricity interconnector running between England and Germany, the first project-financed electricity interconnector.
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Publications

  • Tax chapter in Hewitt on Joint Ventures (Sweet & Maxwell, 7th Edition)
  • Simon’s Taxes, Division on Oil Extraction and Related Activities
  • Finance Act Handbook 2023: commentary on the Electricity Generator Levy (Tolley, 2023)
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Education

  • 2021 - Advanced Diploma in International Taxation, Chartered Institute of Taxation
  • 2012 - LPC, University of Law, London
  • 2011 - GDL, BPP, London
  • 2008 - BA in English Literature, Durham University
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Expertise

Feed

09/06/2023
Price floor introduced on Energy Profits Levy
The UK government has announced today that it will be introducing a price floor that affects the application of the energy profits levy. A windfall tax applicable to UK upstream oil and gas activities...
22/12/2022
Electricity Generator Levy: draft legislation published
The UK government has published further details of the new electricity generator levy (or ‘EGL’), together with draft legislation to be included in Finance Bill 2023. The legislation and accompanying...
18/11/2022
New electricity generator levy introduced
The UK government has announced the introduction of a windfall tax on certain electricity generators in the form of the ‘electricity generator levy’, a new 45% tax levied on ‘extraordinary returns’...
17/11/2022
Increase and extension of Energy Profits Levy
The UK government has today announced a 10% increase in the energy profits levy applying to profits from UK oil and gas activities, taking it from 25% to 35%. The end date for the levy has also been extended...
05/08/2022
CMS advises consortium on acquisition of interest in world’s largest offshore...
International law firm CMS has advised a consortium comprised of GLIL Infrastructure and Octopus Energy Group on its agreement to acquire a 12.5% interest in the Hornsea One Offshore Wind Farm from Global...
26/05/2022
New oil and gas windfall tax introduced
The UK government has announced today the immediate introduction of a 25% windfall tax – described by the Chancellor as a “targeted, temporary energy profits levy” – on profits from UK oil and...
13/07/2020
FTT considers scope of UK tax charge on benefits relating to oil fields
In the recent case of Royal Bank of Canada v HM Revenue & Customs [2020] UKFTT 0267 (TC), the First Tier Tribunal considered whether UK corporation tax could be charged on payments made under a sale and...
19/08/2019
Tax covenant notice provisions considered in Court of Appeal
In Stobart Group Ltd & Stobart Rail Ltd v Stobart & Tinkler [2019] EWCA (Civ) 1376, the Court of Appeal considered the extent to which valid notice had been given of a tax covenant claim prior to the...
14/08/2019
Update: Tax indemnities in International M&A
Minera Las Bambas SA & Anor v Glencore Queensland Ltd & Ors [2019] EWCA Civ 972 was an appeal from a High Court judgment of 20 September 2018. In that judgment, the High Court had held that the sellers...
21/01/2019
Entrepreneurs’ Relief: good news at last
In an attempt to continue the seasonal spirit, we have some good news in relation to Entrepreneurs’ Relief (“ER”). There has been major concern that a lot of management and employee shareholders...
30/10/2018
Budget 2018: Changes to Entrepreneurs’ Relief
In yesterday’s Budget, the Chancellor introduced a number of changes to Entrepreneurs’ Relief which may have immediate, significant and expensive implications for anyone who is hoping to qualify for...
19/07/2018
Tax indemnities in international M&A: when does tax become payable?
In Minera Las Bambas SA & Anor v Glencore Queensland Ltd & Ors [2018] EWHC 1658 (Comm), the Commercial Court decided that VAT was not “payable” for the purposes of a tax indemnity in a share purchase...