BP 2006 Annual Report Download - page 132
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130
23 Taxation
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Tax on profit 2006 2005 2004
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current tax
Charge for the year 11,199 10,511 7,217
Adjustment in respect of prior years 442 (977) (308)
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11,641 9,534 6,909
Innovene operations 159 (910) (48)
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Continuing operations 11,800 8,624 6,861
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Deferred tax
Origination and reversal of temporary differences in the current year 1,771 349 138
Adjustment in respect of prior years (1,240) (450) (74)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
531 (101) 64
Innovene operations –950 157
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Continuing operations 531 849 221
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Tax on profit from continuing operations 12,331 9,473 7,082
Tax on profit from continuing operations may be analysed as follows:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current tax charge
UK 2,657 880 1,839
Overseas 9,143 7,744 5,022
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11,800 8,624 6,861
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Deferred tax charge
UK 500 (489) (218)
Overseas 31 1,338 439
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531 849 221
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Total
UK 3,157 391 1,621
Overseas 9,174 9,082 5,461
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12,331 9,473 7,082
$ million
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Tax included in statement of recognized income and expense 2006 2005 2004
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current tax
Current year tax charge (51) 45 23
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(51) 45 23
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Deferred tax
Origination and reversal of temporary differences in the current year 985 309 50
Adjustment in respect of prior years –(95) –
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985 214 50
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Tax included in statement of recognized income and expense 934 259 73
This comprises:
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Currency translation differences 201 (11) 208
Exchange gain on translation of foreign operations transferred to loss on sale of businesses –(95) –
Actuarial gain relating to pensions and other post-retirement benefits 820 356 (96)
Share-based payments (26) –(39)
Net (gain) loss on revaluation of cash flow hedges 47 (63) –
Unrealized (gain) loss on available-for-sale financial assets (108) 72 –
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Tax included in statement of recognized income and expense 934 259 73