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88 Vodafone Group Plc Annual Report 2010
Notes to the consolidated nancial statements continued
6. Taxation
Income tax expense
2010 2009 2008
£m £m £m
United Kingdom corporation tax (income)/expense:
Current year 40 (132) −
Adjustments in respect of prior years (4) (318) (53)
36 (450) (53)
Overseas current tax expense/(income):
Current year 2,377 2,111 2,539
Adjustments in respect of prior years (1,718) (934) (293)
659 1,177 2,246
Total current tax expense 695 727 2,193
Deferred tax on origination and reversal of temporary differences:
United Kingdom deferred tax (166) 20 (125)
Overseas deferred tax (473) 362 177
Total deferred tax (income)/expense (639) 382 52
Total income tax expense 56 1,109 2,245
Tax charged/(credited) directly to other comprehensive income
2010 2009 2008
£m £m £m
Current tax (credit)/charge (38) 133 −
Deferred tax charge/(credit) 137 (72) (63)
Total tax charged/(credited) directly to other comprehensive income 99 61 (63)
Tax (credited)/charged directly to equity
2010 2009 2008
£m £m £m
Current tax (credit)/charge (1) 1(5)
Deferred tax (credit)/charge (10) 8(2)
Total tax (credited)/charged directly to equity (11) 9(7)
Factors affecting tax expense for the year
The table below explains the differences between the expected tax expense on continuing operations, at the UK statutory tax rate of 28% for 2010 and 2009 and 30% for
2008, and the Group’s total tax expense for each year. Further discussion of the current year tax expenses can be found in the section titled “Operating results” on page 26.
2010 2009 2008
£m £m £m
Profit before tax as shown in the consolidated income statement 8,674 4,189 9,001
Expected income tax expense on profit at UK statutory tax rate 2,429 1,173 2,700
Effect of taxation of associates, reported within operating profit 160 118 134
Impairment losses with no tax effect 588 1,652 –
Impact of agreement of German write down losses(1) (2,103) – –
Expected income tax expense at UK statutory rate on profit,
before impairment losses and taxation of associates 1,074 2,943 2,834
Effect of different statutory tax rates of overseas jurisdictions 516 382 320
Effect of current year changes in statutory tax rates 35 (31) 66
Deferred tax on overseas earnings 5 (26) 255
Assets revalued for tax purposes –(155) (16)
Effect of previously unrecognised temporary differences including losses (1,040) (881) (833)
Adjustments in respect of prior years(1) (387) (1,124) (254)
Expenses not deductible for tax purposes and other items 425 423 321
Exclude taxation of associates (572) (422) (448)
Income tax expense 56 1,109 2,245
Note:
(1) See ‘Taxation’ on page 26.