National Grid 2015 Annual Report Download - page 110
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Financial Statements
6. Tax continued
Tax (credited)/charged to other comprehensive income and equity
2015
£m
2014
£m
2013
£m
Current tax
Share-based payment (7) (3) 1
Available-for-sale investments 5(5) –
Deferred tax
Available-for-sale investments 22 2
Cash flow hedges (18) 513
Share-based payment 3(4) 1
Remeasurements of net retirement benefit obligations (299) 172 (179)
(314) 167 (162)
Total tax recognised in the statement of comprehensive income (310) 174 (164)
Total tax relating to share-based payment recognised directly in equity (4) (7) 2
(314) 167 (162)
The tax charge for the year after exceptional items, remeasurements and stranded cost recoveries is higher (2014: lower; 2013: lower) than
the standard rate of corporation tax in the UK of 21% (2014: 23%; 2013: 24%):
Before
exceptional
items,
remeasurements
and stranded
cost recoveries
2015
£m
After
exceptional
items,
remeasurements
and stranded
cost recoveries
2015
£m
Before
exceptional
items,
remeasurements
and stranded
cost recoveries
2014
£m
After
exceptional
items,
remeasurements
and stranded
cost recoveries
2014
£m
Before
exceptional
items,
remeasurements
and stranded
cost recoveries
2013
£m
After
exceptional
items,
remeasurements
and stranded
cost recoveries
2013
£m
Profit before tax
Before exceptional items, remeasurements
andstranded cost recoveries 2,876 2,876 2,584 2,584 2,533 2,533
Exceptional items, remeasurements and
stranded cost recoveries –(248) –164 –178
Profit before tax 2,876 2,628 2,584 2,748 2,533 2,711
Profit before tax multiplied by UK corporation
taxrate of 21% (2014: 23%; 2013: 24%) 604 552 594 632 608 651
Effect of:
Adjustments in respect of prior years (3) (4) (109) (109) (116) (117)
Expenses not deductible for tax purposes 31 327 32 284 37 169
Non-taxable income (20) (320) (24) (268) (24) (152)
Adjustment in respect of foreign tax rates 91 77 98 138 116 140
Impact of share-based payment (1) (1) (3) (3) 2 2
Deferred tax impact of change in UK and
UStax rates –(6) –(390) –(128)
Other (7) (8) (7) –(4) (8)
Total tax charge 695 617 581 284 619 557
% % % % % %
Effective tax rate 24.2 23.5 22.5 10.3 24.4 20.5
– analysis of items in the primary statements continued
Notes to the consolidated financial statements
108