National Grid 2015 Annual Report Download - page 109

Download and view the complete annual report

Please find page 109 of the 2015 National Grid 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 200

  • 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
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

6. Tax continued
Tax charged/(credited) to the income statement
2015
£m
2014
£m
2013
£m
Tax before exceptional items, remeasurements and stranded cost recoveries 695 581 619
Exceptional tax on items not included in profit before tax (note 4) (6) (390) (128)
Tax on other exceptional items, remeasurements and stranded cost recoveries (72) 93 66
Tax on total exceptional items, remeasurements and stranded cost recoveries (note 4) (78) (297) (62)
Total tax charge 617 284 557
Tax as a percentage of profit before tax
2015
%
2014
%
2013
%
Before exceptional items, remeasurements and stranded cost recoveries 24.2 22.5 24.4
After exceptional items, remeasurements and stranded cost recoveries 23.5 10.3 20.5
The tax charge for the year can be analysed as follows:
2015
£m
2014
£m
2013
£m
Current tax
UK corporation tax at 21% (2014: 23%; 2013: 24%) 309 355 306
UK corporation tax adjustment in respect of prior years (2) (9) (17)
307 346 289
Overseas corporation tax 51 54 50
Overseas corporation tax adjustment in respect of prior years (62) (88) (222)
(11) (34) (172)
Total current tax 296 312 117
Deferred tax
UK deferred tax 123 (292) 35
UK deferred tax adjustment in respect of prior years 7(3) (17)
130 (295) 18
Overseas deferred tax 138 276 283
Overseas deferred tax adjustment in respect of prior years 53 (9) 139
191 267 422
Total deferred tax 321 (28) 440
Total tax charge 617 284 557
Adjustments in respect of prior years include the following amounts that relate to exceptional items, remeasurements and stranded cost
recoveries: £1m credit (2014: £nil; 2013: £1m credit).
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 107