Vodafone 2012 Annual Report Download - page 112
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110
Vodafone Group Plc
Annual Report 2012
Notes to the consolidated nancial statements (continued)
Tax (credited)/charged directly to other comprehensive income
2012 2011 2010
£m £m £m
Current tax credit (5) (14) (38)
Deferred tax (credit)/charge (119) (117) 137
Total tax (credited)/charged directly to other comprehensive income (124) (131) 99
Tax credited directly to equity
2012 2011 2010
£m £m £m
Current tax credit (1) (5) (1)
Deferred tax credit (1) (19) (10)
Total tax credited directly to equity (2) (24) (11)
Factors affecting tax expense for the year
The table below explains the differences between the expected tax expense, at the UK statutory tax rate of 26% (2011 and 2010: 28%), and the
Group’s total tax expense for each year. Further discussion of the current year tax expense can be found in the section titled “Operating results” on
page 41.
2012 2011 2010
£m £m £m
Prot before tax as shown in the consolidated income statement 9,549 9,498 8,674
Expected income tax expense at UK statutory tax rate 2,483 2,659 2,429
Effect of taxation of associates, reported within operating prot 78 145 160
Impairment losses with no tax effect 1,053 1,722 588
Disposal of Group investments1(718) (763) –
Impact of agreement of German write down losses – – (2,103)
Effect of different statutory tax rates of overseas jurisdictions 675 371 370
Deferred tax impact of previously unrecognised temporary differences including losses2(634) (1,247) (198)
Current tax impact of previously unrecognised temporary differences including losses – (734) (261)
Effect of unrecognised temporary differences (285) 366 (260)
Adjustments in respect of prior years (210) (1,088) (387)
Effect of secondary and irrecoverable taxes 159 91 49
Effect of current year changes in statutory tax rates (3) 29 35
Deferred tax on overseas earnings 15 143 5
Assets revalued for tax purposes – 121 –
Expenses not deductible for tax purposes and other items 235 332 201
Exclude taxation of associates (302) (519) (572)
Income tax expense 2,546 1,628 56
Notes:
1 Relates to the disposal of SFR and Polkomtel. 2011 relates to the disposal of China Mobile Limited and SoftBank.
2 See note regarding deferred tax asset recognition on page 111.
Deferred tax
Analysis of movements in the net deferred tax balance during the year:
£m
1 April 2011 (4,468)
Exchange movements 26
Charged to the income statement (341)
Credited directly to other comprehensive income 119
Credited directly to equity 1
Reclassications 10
Arising on acquisition and disposals 26
31 March 2012 (4,627)
6. Taxation (continued)