EasyJet 2015 Annual Report Download - page 106
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102 easyJet plc Annual report and accounts 2015
Notes to the accounts continued
5. Tax charge
Tax on profit on ordinary activities
2015
£ million 2014
£ million
Current tax
United Kingdom corporation tax 109 99
Foreign tax 6 6
Prior year adjustments (14) (7)
Total current tax charge 101 98
Deferred tax
Temporary differences relating to property, plant and equipment 28 25
Other temporary differences 2 3
Prior year adjustments 8 8
Change in tax rate (1) (3)
Total deferred tax charge 37 33
138 131
Effective tax rate 20.1% 22.5%
Reconciliation of the total tax charge
The tax for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK as set out below:
2015
£ million 2014
£ million
Profit before tax 686 581
Tax charge at 20.5% (2014: 22.0%) 141 128
Expenses not deductible for tax purposes 3 3
Share-based payments 1 2
Adjustments in respect of prior years – current tax (14) (7)
Adjustments in respect of prior years – deferred tax 8 8
Change in tax rate (1) (3)
138 131
Current tax payable at 30 September 2015 amounted to £43 million (2014: £53 million). The current tax payable at 30 September 2015
of £43 million entirely related to tax payable in the UK. The current tax payable at 30 September 2014 of £53 million related to £45 million
of tax payable in the UK and £8 million related to tax due in other European countries.
During the year ended 30 September 2015, net cash tax paid amounted to £98 million (2014: £96 million).
Tax on items recognised directly in other comprehensive income or shareholders’ equity
2015
£ million 2014
£ million
Credit/(charge) to other comprehensive income
Deferred tax on change in fair value of cash flow hedges 56 (10)
Credit/(charge) to shareholders’ equity
Current tax credit on share-based payments 13 7
Deferred tax (charge)/credit on share-based payments (9) 1
4 8