Virgin Media 2012 Annual Report Download - page 178
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F-107
as a discrete item in the period in which the change occurs. We are therefore not permitted to consider the impact of
the proposed business combination until 2013 and the partial reversal of the allowance discussed above therefore
remains appropriate.
Changes in tax laws and rates will also affect our deferred tax assets in the future. The U.K. government has announced
a reduction in the rate of corporation tax from 23% to 21%. These reductions have not been enacted, but we will
recognize a reduction in the value of our deferred tax assets and liabilities and a charge to income tax expense in the
period of enactment which is expected to be during 2013.
Income tax benefit (expense)
The benefit (expense) for income taxes consists of the following (in millions):
Year ended December 31,
2012 2011 2010
Current:
U.K. taxes £ — £ 5.1 £ 25.1
U.S. taxes (0.7)(0.6)(0.8)
Total current (0.7) 4.5 24.3
Deferred:
U.K. taxes 2,428.4 (23.3)23.8
U.S. taxes 103.4 3.2 79.8
Total deferred 2,531.8 (20.1)103.6
Total £ 2,531.1 £ (15.6) £ 127.9
The reconciliation of income taxes computed at U.S. federal statutory rates to income tax benefit (expense) attributable
to continuing operations is as follows (in millions):
Year ended December 31,
2012 2011 2010
Benefit at U.K. statutory rate (2012: 24.5% 2011: 26.5%, 2010: 28%) £ (82.8) £ (54.2) £ 72.0
Add:
Non-deductible expenses (1.4) (9.6) (0.4)
Reduction in valuation allowance for US NOLs — 3.2 79.8
Foreign losses with no benefit — 68.9 (65.0)
Foreign tax benefit from discontinued operations and OCI — (23.9) 41.5
Reduction of valuation allowance on UK deferred tax assets 2,615.3 — —
Benefit (provision) for income taxes £ 2,531.1 £ (15.6) £ 127.9
Table of Contents
VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
VIRGIN MEDIA INVESTMENTS LIMITED AND SUBSIDIARIES
COMBINED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 9 - Income Taxes (continued)