Tesco 2011 Annual Report Download - page 115
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NOTE 6 TAXATION CONTINUED
Reconciliation of effective tax charge
2011
£m
2010
£m
Profit before tax 3,535 3,176
Tax charge at 28% (2010 – 28%) (990) (889)
Effect of:
Non-deductible expenses (136) (13)
Differences in overseas taxation rates 99 93
Adjustments in respect of prior years 102 (33)
Share of profits of joint ventures and associates 45
Change in tax rate 57 (3)
Total income tax charge for the year (864) (840)
Effective tax rate 24.4% 26.4%
Tax on items credited directly to the Group Statement of Changes in Equity
2011
£m
2010
£m
Current tax credit on:
Share-based payments 7 15
Deferred tax (charge)/credit on:
Share-based payments (7) 3
Total tax on items credited to Group Statement of Changes in Equity –18
Tax relating to components of the Group Statement of Comprehensive Income
2011
£m
2010
£m
Current tax credit/(charge) on:
Foreign exchange movements 31 (33)
Fair value of movement on available-for-sale investments (1) –
Deferred tax (charge)/credit on:
Pensions (184) 87
Fair value movements on cash flow hedges 1–
Total tax on items (charged)/credited to Group Statement of Comprehensive Income (153) 54
Deferred tax
The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years:
Property-
related
items*
£m
Retirement
benefit
obligation
£m
Share-based
payments
£m
Short-term
timing
differences
£m
Tax losses
£m
Financial
Instruments
£m
Other
pre/post
tax temporary
differences
£m
Total
£m
At 28 February 2009 (1,247) 417 44 90 16 47 6 (627)
(Charge)/credit to the
Group Income Statement (257) 7 9 (7) 21 (11) 1 (237)
Credit to Group Statement of
Changes in Equity – – 3 – – – – 3
Credit to Group Statement of
Comprehensive Income – 87 – – – – – 87
Acquisition of subsidiaries – – – – 2 – – 2
Foreign exchange and other movements 8 – – 8 2 – (3) 15
At 27 February 2010 (1,496) 511 56 91 41 36 4 (757)
(Charge)/credit to the
Group Income Statement (101) 35 (2) 5 (10) (33) 3 (103)
Charge to Group Statement of
Changes in Equity – – (7) – – – – (7)
Charge to Group Statement of
Comprehensive Income – (184) – – – 1 – (183)
Foreign exchange and other movements 5 – – (2) 1 – – 4
At 26 February 2011 (1,592) 362 47 94 32 4 7 (1,046)
* Property-related items include deferred tax liability on rolled over gains of £335m (2010 – £294m) and deferred tax assets of £70m (2010 – £nil) on capital losses of £260m (2010 – £342m).
The remaining balance relates to accelerated tax depreciation.
TESCO PLC Annual Report and Financial Statements 2011
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