UK’s largest water company, which has not paid corporation tax in the UK for the last 10 years, to review business

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.

Britain’s biggest water and wastewater services company, which has not paid corporation tax in the UK for the past 10 years, said there was no tax advantage from its two Cayman subsidiaries and that they were created for the purpose of raising money through bonds to fund its infrastucture investment programme. But a spokesman said it “just looks wrong”.

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