Anglian Water has petitioned the Cayman Islands High Court for permission to remove its Cayman Islands subsidiary after winning the backing of its lenders.
The subsidiary has always been registered in the UK for tax purposes, and Anglian Water says it has never received a tax advantage from it.
It announced the closure of the Caribbean subsidiary in March as part of a raft of financial and corporate measures intended to improve transparency, trust and customer confidence.
READ MORE: Anglian Water to cut dividend payments to improve 'trust and customer confidence'
The company has already simplified its financial structures by repaying an intercompany loan. Anglian Water said the completed changes would make the presentation of its accounts clearer and improve the transparency of its financial structure.
Anglian Water chief executive Peter Simpson said: 'As a responsible business, I'm delighted with the speed at which we have been able to start to implement the initiatives we announced in March, and I'm grateful to our shareholders for their support in making these changes.'
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here