Tesco 2012 Annual Report Download - page 111
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STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
OVERVIEW
Note 6 Taxation continued
Reconciliation of effective tax charge
2012
£m
2011*
£m
Profit before tax 3,835 3,641
Tax charge at 26.2% (2011: 28.0%) (1,005) (1,019)
Effect of:
Non-deductible expenses (86) (107)
Differences in overseas taxation rates 72 99
Adjustments in respect of prior years 54 102
Share of profits of joint ventures and associates 14 4
Change in tax rate 72 57
Total income tax charge for the year (879) (864)
Effective tax rate 22.9% 23.7%
* See Note 1 Accounting Policies for details of reclassifications.
Tax on items credited directly to the Group Statement of Changes in Equity
2012
£m
2011
£m
Current tax (charge)/credit on:
Share-based payments (1) 7
Deferred tax charge on:
Share-based payments (5) (7)
Total tax on items charged to Group Statement of Changes in Equity (6) –
Tax relating to components of the Group Statement of Comprehensive Income
2012
£m
2011
£m
Current tax credit/(charge) on:
Foreign exchange movements 631
Fair value of movement on available-for-sale investments (2) (1)
Deferred tax credit/(charge) on:
Pensions 94 (184)
Fair value movements on cash flow hedges (25) 1
Total tax on items credited/(charged) to Group Statement of Comprehensive Income 73 (153)
Deferred tax
The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years:
Property-
related
items*
£m
Retirement
benefit
obligation
£m
Share-based
payments
£m
Short-term
timing
differences
£m
Tax losses
£m
Financial
Instruments
£m
Other
pre/post
tax temporary
differences
£m
Total
£m
At 27 February 2010 (1,496) 511 56 91 41 36 4 (757)
(Charge)/credit to the
Group Income Statement (101) 35 (2) 5 (10) (33) 3 (103)
Charge to Group Statement of
Changes in Equity – – (7) – – – – (7)
(Charge)/credit to Group Statement of
Comprehensive Income – (184) – – – 1 – (183)
Foreign exchange and other movements 5 – – (2) 1 – – 4
At 26 February 2011 (1,592) 362 47 94 32 4 7 (1,046)
(Charge)/credit to the
Group Income Statement (93) 9 (31) (33) 3 (1) – (146)
Charge to Group Statement of
Changes in Equity – – (5) – – – – (5)
Credit/(charge) to Group Statement of
Comprehensive Income – 94 – – – (25) – 69
Discontinued operations – – – – (14) – – (14)
Business combinations (1) – – 3 1 – 1 4
Foreign exchange and other movements (3) – – – 2 – 2 1
At 25 February 2012 (1,689) 465 11 64 24 (22) 10 (1,137)
* Property-related items include deferred tax liability on rolled over gains of £361m (2011: £335m) and deferred tax assets on capital losses of £71m (2011: £70m). The remaining balance
relates to accelerated tax depreciation.
Tesco PLC Annual Report and Financial Statements 2012 107