EasyJet 2009 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2009 EasyJet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

69 easyJet plc Annual report and accounts 2009
Reconciliation of the total tax (credit) / charge
The tax for the year is lower than the standard rate of corporation tax in the UK as set out below:
2009
£ million
2008
£ million
Profit on ordinary activities before tax 54.7 110.2
Tax charge at 28% 15.3 30.9
Attributable to rates other than standard UK rate (1.3) (1.5)
Income not chargeable for tax purposes (2.5) (0.2)
Expenses not deductible for tax purposes 2.5 0.3
Share-based payments 1.2 0.2
Adjustments in respect of prior years – current tax (27.4) (23.1)
Adjustments in respect of prior years – deferred tax (4.3) 20.4
(16.5) 27.0
Deferred tax
The net deferred tax liability included in the balance sheet is as follows:
Accelerated
capital
allowances
£ million
Short-term
timing
differences
£ million
Tax losses
£ million
Fair
value
(gains)/losses
£ million
Share-based
payments
£ million
Total
£ million
At 1 October 2008 – originally reported 49.7 30.6 – 31.1 (3.8) 107.6
Adjustment re acquisition of GB Airways
(note 23) – (0.3) – – – (0.3)
At 1 October 2008 – restated 49.7 30.3 – 31.1 (3.8) 107.3
Charged / (credited) to the income statement (14.2) 23.3 (16.0) – (1.2) (8.1)
Transfer from current tax liabilities – (1.9) – – – (1.9)
Credited to shareholders’ funds – – – (19.9) (1.1) (21.0)
At 30 September 2009 35.5 51.7 (16.0) 11.2 (6.1) 76.3
Accelerated
capital
allowances
£ million
Short-term
timing
differences
£ million
Tax losses
£ million
Fair
value
(gains)/losses
£ million
Share-based
payments
£ million
Total
£ million
At 1 October 2007 51.9 (1.8) – (3.7) (11.8) 34.6
Charged / (credited) to the income statement 1.5 35.6 – (8.5) 0.7 29.3
Acquisition of GB Airways (note 23) (3.7) (3.2) – 28.9 – 22.0
Charged to shareholders’ funds – – – 14.4 7.3 21.7
At 30 September 2008 49.7 30.6 – 31.1 (3.8) 107.6
Of the total net deferred tax liability of £76.3 million at 30 September 2009, it is estimated that assets of approximately £7.4 million will reverse during the
year ending 30 September 2010. Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority.
As a result the net UK deferred tax liability is £76.1 million (2008: £107.8 million). The net overseas deferred tax liability is £0.2 million (2008: asset of
£0.5 million). There are no unrecognised deferred tax assets.