Marks and Spencer 2005 Annual Report Download - page 40

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38 MARKS AND SPENCER GROUP PLC
Notes to the financial statements continued
6TAXATION ON PROFIT ON ORDINARY ACTIVITIES
A Taxation charge for the period
2005 2004
£m £m £m £m
Current taxation
UK corporation tax at 30% (last year 30%):
Current year 115.4 205.7
Prior years (17.5) (3.6)
97.9 202.1
Overseas taxation 6.0 3.7
Total current taxation 103.9 205.8
Deferred taxation (see note 23)
Current year 44.0 26.0
Prior years 10.4 (2.5)
Total deferred taxation 54.4 23.5
158.3 229.3
Included in the tax charge for the year is a credit of £18.2m (last year £12.7m credit) which is attributable to exceptional charges.
B Taxation reconciliation 2005 2004
£m £m
Profit before taxation 745.3 781.6
Taxation at the standard UK corporation tax rate of 30% (last year 30%) 223.6 234.5
Permanent differences 6.2 6.0
Capital allowances less than/(in excess of) depreciation 3.1 (1.8)
Other timing differences (47.1) (24.2)
Net effect of restructuring charges –1.9
Net effect of different rates of tax in overseas businesses (8.1) (7.0)
Adjustments to tax charge in respect of prior periods (17.5) (3.6)
Profit on sale of Financial Services (61.8) –
Other exceptional charges 5.5 –
Total current taxation 103.9 205.8
7PROFIT FOR THE FINANCIAL YEAR
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the Company is not presented as part of these
financial statements.
A profit before tax of £2,518.3m (last year £262.1m) is dealt with in the financial statements of the Company. Profit before tax includes
dividends received from a subsidiary of £2,516.6m (last year £262.1m).
8DIVIDENDS 2005 2004
£m £m
Dividends on equity shares
Paid interim ordinary dividend of 4.6p per share (last year 4.4p per share) 76.3 99.5
Proposed final ordinary dividend of 7.5p per share (last year 7.1p per share) 124.2 160.7
Total ordinary dividend of 12.1p per share (last year 11.5p per share) 200.5 260.2
Dividends on non-equity shares
Interim B share dividend paid at 3.36% (last year 2.73%) 1.4 1.6
Final B share dividend paid at 3.78% (last year 2.86%) 1.4 1.4
2.8 3.0
203.3 263.2