Tesco 2009 Annual Report Download - page 86
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84 FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
Note 6 Taxation
Recognised in the Group Income Statement
2009 2008
£m £m
Current tax expense
UK corporation tax 673 853
Foreign tax 88 78
Adjustments in respect of prior years (164) (278)
Benefit of tax losses recognised – adjustments in respect of prior years – (56)
597 597
Deferred tax expense
Origination and reversal of temporary differences 119 54
Benefit of tax losses recognised – adjustments in respect of prior years – 28
Adjustments in respect of prior years 97 63
Change in tax rate (25) (69)
191 76
Total income tax expense 788 673
UK corporation tax is calculated at 28.2% (2008 – 30.0%) of the estimated assessable profit for the year. Taxation in other jurisdictions is calculated at
the rates prevailing in the respective jurisdictions.
Reconciliation of effective tax charge
2009 2008
£m £m
Profit before tax 2,954 2,803
Effective tax charge at 28.2% (2008 at 30.0%) (833) (841)
Effect of:
Non-deductible expenses (189) (180)
Differences in overseas taxation rates 111 41
Adjustments in respect of prior years 67 215
Share of results of joint ventures and associates 31 23
Change in tax rate 25 69
Total income tax charge for the year (788) (673)
Effective tax rate 26.7% 24.0%
Tax on items charged to equity
2009 2008
£m £m
Current tax credit on:
Foreign exchange movements 199 250
Share-based payments 46 5
245 255
Deferred tax credit/(charge) on:
Share-based payments 14 (57)
Pensions 176 (75)
190 (132)
Total tax on items credited to equity (note 30) 435 123
Notes to the Group financial statements continued