Quote from Bagso: "To be fair Shed, Heathrow is actually a not for profit organisation !
.... in 2013, which I think was year that was referenced. it surprisingly paid not a jot to the exchequer, see below !"
Bagso. I'm sure your figures for Heathrow are correct but have you checked the equivalent figures for MAG? In the last financial year MAG paid negative tax, ie had a tax credit equivalent to 41% of profits. In the previous year MAG's effective tax rate was only 1%.
Low effective tax rates tend to be a feature of capital-intensive businesses, especially those (like HAH and MAG) that are saddled with a lot of tax-deductible debt. By all means criticise Heathrow for the indefensible cost of R3, but the reference to its tax rate has the ring of the pot calling the kettle black!