National Grid 2014 Annual Report Download - page 105
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Strategic Report Corporate Governance Financial Statements Additional Information
6. Taxation continued
Tax charged/(credited) to the income statement
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
Tax before exceptional items, remeasurements and stranded cost recoveries 581 619 697
Exceptional tax on items not included in profit before tax (note 4) (390) (128) (242)
Tax on other exceptional items, remeasurements and stranded cost recoveries 93 66 8
Tax on total exceptional items, remeasurements and stranded cost recoveries (note 4) (297) (62) (234)
Total tax charge 284 557 463
1. See note 1 on page 92.
Taxation as a percentage of profit before tax
2014
%
2013
(restated)1
%
2012
(restated)1
%
Before exceptional items, remeasurements and stranded cost recoveries 22.5 24.4 28.9
After exceptional items, remeasurements and stranded cost recoveries 10.3 20.5 19.4
1. See note 1 on page 92.
The tax charge for the year can be analysed as follows:
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
Current tax
UK corporation tax at 23% (2013: 24%; 2012: 26%) 355 306 186
UK corporation tax adjustment in respect of prior years (9) (17) (5)
346 289 181
Overseas corporation tax 54 50 98
Overseas corporation tax adjustment in respect of prior years (88) (222) (144)
(34) (172) (46)
Total current tax 312 117 135
Deferred tax
UK deferred tax (292) 35 (12)
UK deferred tax adjustment in respect of prior years (3) (17) (18)
(295) 18 (30)
Overseas deferred tax 276 283 191
Overseas deferred tax adjustment in respect of prior years (9) 139 167
267 422 358
Total deferred tax (28) 440 328
Total tax charge 284 557 463
1. See note 1 on page 92.
Adjustments in respect of prior years include the following amounts that relate to exceptional items, remeasurements and stranded cost
recoveries: £nil (2013: £1m credit; 2012: £1m credit).
103