inland Water , the uk ’s largest water and wastewater management firm , will close its existing Cayman Islands subsidiaries . The plc has appointed former boss of energy company SSE , Ian Marchant , as chairman to review the entire business and to simplify the firm ’s nine - company structure . Thames Water , which has not paid corporation tax within the UK for the past decade , argued that the subsidiaries offered no tax advantage and were created to raise money for infrastructure investment through bonds . However , the company ’s management has accepted that the use of the subsidiaries “ just looks wrong ” .
Thames Water, the UK’s largest water and wastewater services firm, will close its two Cayman Islands subsidiaries. The company has appointed former boss of energy company SSE, Ian Marchant, as chairman to review the entire business and to simplify the firm’s nine-company structure. Thames Water, which has not paid corporation tax within the UK for the past decade, said that the subsidiaries offered no tax advantage and were created to raise money for infrastructure investment through bonds. However, the company’s management has accepted that the use of the subsidiaries “just looks wrong”.