Note 8
8. Taxation
Analysis of credit in year
| 2009 | 2008 |
|---|---|---|
Current tax |
|
|
Continuing operations for the period | (0.7) | 17.5 |
Adjustments in respect of prior periods | (2.5) | (2.1) |
| (3.2) | 15.4 |
Deferred taxation |
|
|
Continuing operations | (12.6) | (16.2) |
Taxation | (15.8) | (0.8) |
|
|
|
Deferred tax charge on actuarial gains | 0.1 | 0.2 |
Factors affecting tax charge for the year
The tax for the period is higher (2008 lower) than the standard rate of corporation tax in the UK of 28% (2008 30%).
The differences are explained below: |
|
|
|---|---|---|
(Loss)/profit before tax | (89.8) | 306.4 |
| (25.1) | 91.9 |
|
|
|
Expenses not deductible for tax purposes | 1.4 | 7.0 |
Income not taxable | (18.4) | (1.9) |
Current year movement on deferred tax | 0.4 | (1.0) |
Foreign taxes | 0.1 | – |
Utilisation of tax losses not previously recognised | (0.2) | (10.5) |
Deferred tax asset not previously recognised | (0.4) | – |
Impairment of subsidiary goodwill and joint venture company | 4.4 | 8.0 |
SSR available on profit on disposal of 49.9% of TMG | – | (98.4) |
Adjustment to tax charge in respect of joint ventures and associates | 19.0 | 7.7 |
Adjustment to tax charge in respect of previous periods | (1.7) | (2.1) |
Current year losses not recognised | 4.7 | – |
Adjustment for change in tax rate | – | (1.5) |
Total taxation (continuing operations) | (15.8) | (0.8) |
Factors that may affect future tax charges
There are no significant factors known at 29 March 2009 which may affect future tax charges (2008 The standard rate of corporation tax changed to 28% with effect from 1 April 2008 and a number of changes to the capital allowance regime were enacted in the 2008 Finance Act).
