EasyJet 2009 Annual Report Download - page 70

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68 easyJet plc Annual report and accounts 2009
NOTES TO THE ACCOUNTS CONTINUED
4 Employees (continued)
Key management compensation was:
2009
£ million
2008
£ million
Short-term employee benefits 4.5 3.5
Pension costs 0.2 0.4
Payments for loss of office –0.1
Share-based payments 0.7 0.5
5.4 4.5
The Directors of easyJet plc and the other members of the Executive Management Team are easyJet’s key management as they have collective authority and
responsibility for planning, directing and controlling the business.
Emoluments paid or payable to the Directors of easyJet plc were:
2009
£ million
2008
£ million
Remuneration 2.5 1.8
Gains made on the exercise of share options 0.1 –
Pension costs (two Directors) 0.1 0.1
2.7 1.9
Details of directors’ remuneration are disclosed in the Report on Directors’ Remuneration.
5 Tax (credit) / charge
Tax on profit on ordinary activities
2009
£ million
2008
£ million
Current tax
United Kingdom corporation tax 6.9 14.8
Foreign tax 12.1 6.0
Prior year adjustments (27.4) (23.1)
(8.4) (2.3)
Deferred tax
Temporary differences relating to property, plant and equipment (13.1) (2.4)
Other temporary differences 9.3 11.3
Prior year adjustments (4.3) 20.4
(8.1) 29.3
(16.5) 27.0
Effective tax rate (30.2)% 24.5%
During the year, agreement was reached with Her Majesty’s Revenue & Customs on certain tax issues. This has resulted in the release to the income
statement of £30.7 million relating to current tax liabilities provided for in prior years. In addition, easyJet has reassessed certain other open tax matters.
The net impact of these has been classified as prior year current and deferred tax adjustments. The prior year adjustments in 2008 include a reclassification
of £16.9 million from current tax to deferred tax.
Tax on items recognised directly in shareholders’ funds
2009
£ million
2008
£ million
Deferred tax credit / (charge) on share-based payments 1.1 (7.3)
Deferred tax credit / (charge) on fair value movements of cash flow hedges 19.9 (14.4)
Current tax credit on share-based payments 0.4 2.0
21.4 (19.7)