That paradise papers leak, just revealed that uk water companies have offshored money, loaded the companies up with 24billion of debt - and as a result paid NO corporation tax

Thames Water - 15million customers, 2 BILLION revenue, 10.5 BILLION debt, ZERO Corporation tax
Southern Water - 4.6million customers, 809 Million revenue, 3.5 Billion debt , ZERO corp tax
Yorkshire Water 5 million customers, 1 BILLION revenue, 3.7 BILLION debt, ZERO corp tax
Anglian Water - a similar picture to the above

They all subsidiaries in the Cayman Islands more than a decade ago to get around rules in the UK preventing them from raising cash on the bond markets. Although those rules have since been scrapped, many continued to use the offshore firms.

Often interest payments made through havens do not incur tax as they would in the UK.

Analysis of accounts by the Mail suggests money has been lent between different parts of the companies, generating interest payments that reduce taxable profits.

Southern Water Services Ltd paid 133.6m in interest during 2016-17 to Cayman subsidiary Southern Water Services (Finance).

Southern Water Services Ltd ended the year with an 84.9m tax credit.
Thames Water Utilities Ltd paid 356.8m on interest on inter-company loans and ended up with a tax credit of 70.3m. The firm has paid no corporation tax since 2006


My guess is that every large corp in the UK is doing the same trick

THANK FECK we have Welsh Water, which is not for profit I think. Hopefully they havent been doing business in the Cayman Islands