Experian 2012 Annual Report Download - page 117

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115
Governance Financial statementsBusiness reviewBusiness overview
15. Tax (credit)/charge in the Group income statement
(a) Analysis of Group tax (credit)/charge
2012
US$m
20 11
(Re-presented)
(Note 3)
US$m
Current tax:
Tax on income for the year 120 91
Adjustments in respect of prior years (71) (35)
Total current tax charge 49 56
Deferred tax:
Origination and reversal of temporary differences (82) 49
Adjustments in respect of prior years (2) 13
Total deferred tax (credit)/charge (84) 62
Group tax (credit)/charge (35) 118
The Group tax (credit)/charge comprises:
UK tax (241) (23)
Non-UK tax 206 141
Group tax (credit)/charge (35) 118
(b) Tax reconciliations
(i) Reconciliation of the Group tax (credit)/charge
2012
US$m
20 11
(Re-presented)
(Note 3)
US$m
Profit before tax 689 656
Profit before tax multiplied by the standard rate of UK corporation tax of 26% (2011: 28%) 179 184
Effects of:
Adjustments in respect of prior years (73) (22)
Income not taxable (42) (23)
Expenses not deductible 139 72
Adjustment in respect of previously unrecognised tax losses (217) (58)
Reduction in future rate of UK corporation tax 910
Effect of different tax rates in non-UK businesses (30) (45)
Group tax (credit)/charge (35) 118
Effective rate of tax based on Profit before tax (5.1%) 18.0%
The effective tax rate for both years is lower than the standard rate of UK corporation tax and the differences are explained above.