BP 2005 Annual Report Download - page 64
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62 Making energy more
Notes on financial statements continued
22 Taxation continued $ million
TAX INCLUDED IN STATEMENT OF RECOGNIZED INCOME AND EXPENSE 2005 2004 2003
Current tax
Charge for the year 45 23 (11)
45 23 (11)
Innovene operations – – –
Continuing operations 45 23 (11)
Deferred tax
Origination and reversal of temporary differences in the current year 309 50 59
Adjustment in respect of prior years (95) – –
214 50 59
Innovene operations – – –
Continuing operations 214 50 59
Tax included in statement of recognized income and expense 259 73 48
This comprises: $ million
Currency translation differences (11) 208 37
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 356 (96) 16
Share-based payment accrual – (39) (5)
Net (gain) loss on revaluation of cash flow hedges (63) – –
Unrealized (gain) loss on available-for-sale financial assets 72 – –
Tax included in statement of recognized income and expense 259 73 48
RECONCILIATION OF THE EFFECTIVE TAX RATE
The following table provides a reconciliation of the UK statutory corporation tax rate to the effective tax rate of the group on profit before taxation
from continuing operations.
$ million
2005 2004 2003
Profit before taxation from continuing operations 31,921 24,966 17,731
Tax on profit from continuing operations 9,473 7,082 5,050
Effective tax rate 30% 28% 28%
% of profit before tax from continuing operations
UK statutory corporation tax rate 30 30 30
Increase (decrease) resulting from
UK supplementary and overseas taxes at higher rates 9 8 8
Tax reported in equity-accounted entities (3) (3) (3)
Adjustments in respect of prior years (3) (1) (1)
Restructuring benefits (1) (2) (2)
Current year losses unrelieved (prior year losses utilized) (3) (3) (3)
Other 1 (1) (1)
Effective tax rate 30 28 28