No corp tax flowing from Thames Water

Another company pays no corporation tax. This time it's Thames Water during the 2012-13 tax year.

Here are the numbers:

Turnover £1.8bn
Operating profits £549m (that's after business costs)
Pre-tax profit £149m
Corporation tax: Nil

Thames Water's explanation is that it has invested nearly £1bn in new water infrastructure and there are tax breaks for investment.

In exchange for spending money on new pipes and drains, they can defer paying tax until future years.

But it's also important is that it has huge borrowings, incurring £405m in interest during the year.

Like every other business, Thames can lop of the cost of interest from its operating profit to calculate its taxable profit.

It's net debt is a colossal £8.4bn.