Thames Water used to be a British public utility but it sold out in 1989 and became a privately owned company. It is Britain’s largest water and wastewater service company. Thames Water has not paid corporation tax in over ten years. They have been deferring it due to their capital investment of installing a 15 mile sewer under Thames. They were also fined after huge leaks of untreated sewage than ran into the Thames and surrounding land. Ian Merchant has been appointed to chairman to review the business. He is spearheading the closing of Thames Water’s Cayman Island Subsidiaries. Stating there was no tax advantage to holding onto those investments.

Key Takeaways:

• Thames Water is Britain’s largest water and wastewater service company.
• They have deferred paying corporation tax due to their capital investment of installing a 15 mile sewer under Thames.
• Ian Merchant has been appointed chairman and is spearheading closing their Cayman Island subsidiaries.

“Thames Water has appointed the former SSE boss Ian Marchant as chairman to spearhead a review of the business, including closing the company’s controversial Cayman Islands subsidiaries.”

Read more: https://www.theguardian.com/business/2017/nov/23/thames-water-cayman-island-subsidiaries-chairman