Vodafone 2002 Annual Report Download - page 91

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Notes to the Consolidated Financial Statements Vodafone Group Plc 89Annual Report & Accounts and Form 20-F
8. Tax on (loss)/profit on ordinary activities
2001 2000
2002 as restated as restated
£m £m £m
United Kingdom
Corporation tax charge at 30% (2001: 30%, 2000: 30%) 187 191 117
Overseas corporation tax
Current tax:
Current year 857 957 675
Prior year (322) (48) –
535 909 675
Total current tax 722 1,100 792
Deferred tax – origination of and reversal of timing differences 1,489 381 (176)
Tax on profit on ordinary activities 2,211 1,481 616
Tax on exceptional items (71) (55) 16
Total tax charge 2,140 1,426 632
Parent and subsidiary undertakings 1,925 1,195 428
Share of joint ventures (23) (12) (57)
Share of associated undertakings 238 243 261
2,140 1,426 632
The decrease in the effective rate of taxation, before goodwill amortisation and exceptional items, for the year ended 31 March 2002 is primarily as a result
of a one off German tax refund arising from the distribution of retained earnings. In Germany, retained earnings were subject to a higher rate of corporation
tax than distributed earnings.
The tax recoverable on exceptional items of £71m (2001: £55m, 2000: tax payable of £16m) is mainly in respect of reorganisation costs.