£1billion tax dodge by water profiteers: As your bills soar, seven of the UK's foreign owned firms pay peanuts in tax
These companies should belong to the citizens --with profits applied for a Basic Income for those citizens that the economy cannot provide a job for or those citizens that are functionally unable to work. Instead just a few profit from a resource that belongs to all in a country! Britain's privatized water firms have ‘abused’ loopholes in the law to dodge more than £1billion in tax since the election. A dossier of shame reveals nine water companies, seven of which are foreign owned, have racked up operating profits totaling £10billion since 2010 but paid just £541million in tax. This equates to a tax rate of just 5.3 per cent. Corporation tax on operating profit is normally 23 per cent.