Virgin Media 2009 Annual Report Download - page 141

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 14—Income Taxes
The benefit (expense) for income taxes consists of the following (in millions):
Year ended
December 31,
2009 2008 2007
Current:
Federal ....................................... £1.5 £(0.2) £(0.4)
State and local ................................. (0.1) — 0.6
Foreign ....................................... 4.9 4.7 4.9
Total current .................................... 6.3 4.5 5.1
Deferred:
Federal ....................................... (3.8) (1.1) (7.6)
Foreign ....................................... — 3.4 —
Total deferred .................................... (3.8) 2.3 (7.6)
Total .......................................... £2.5 £6.8 £(2.5)
There are significant current year losses in the U.K. The foreign current tax benefit relates to
amounts receivable in respect of the sale of U.K. tax losses to an equity method investee. The federal
deferred tax expense relates to holding an equity method investment. The foreign deferred tax benefit
relates to the decrease in our deferred tax asset valuation allowance resulting from the recording of
certain deferred tax liabilities related to amounts recognized in the statement of other comprehensive
income during the year that are expected to reverse in future periods and will allow us to offset such
amounts against certain deferred tax assets.
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