Tesco 2010 Annual Report Download - page 89
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Financial statements
Note 6 Taxation
Recognised in the Group Income Statement
2010 2009
Restated
£m £m
Current tax expense
UK corporation tax 566 673
Foreign tax 128 88
Adjustments in respect of prior years (91) (164)
603 597
Deferred tax expense
Origination and reversal of temporary differences 110 110
Adjustments in respect of prior years 124 97
Change in tax rate 3 (25)
237 182
Total income tax expense 840 779
UK corporation tax is calculated at 28.0% (2009 – 28.2%) of the estimated assessable profit for the year. Taxation in other jurisdictions is calculated at
the rates prevailing in the respective jurisdictions.
Reconciliation of effective tax charge
2010 2009
Restated
£m £m
Profit before tax 3,176 2,917
Effective tax charge at 28.0% (2009 – 28.2%) (889) (823)
Effect of:
Non-deductible expenses (13) (190)
Differences in overseas taxation rates 93 111
Adjustments in respect of prior years (33) 67
Share of results of joint ventures and associates 5 31
Change in tax rate (3) 25
Total income tax charge for the year (840) (779)
Effective tax rate 26.4% 26.7%
Tax on items credited directly to equity
2010 2009
£m £m
Current tax credit on:
Share-based payments 15 46
Deferred tax credit on:
Share-based payments 3 14
Total tax on items credited to equity 18 60
Tax relating to components of other comprehensive income
2010 2009
£m £m
Current tax (charge)/credit on:
Foreign exchange movements (33) 199
Deferred tax credit on:
Pensions 87 176
Total tax on items credited to other comprehensive income 54 375
Tesco PLC Annual Report and Financial Statements 2010 87