BT 2001 Annual Report Download - page 91

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10. Tax on profit on ordinary activities (continued)
Total tax on pro¢t on ordinary activities, varied from the amount computed by applying the corporation tax rate to pro¢t on
ordinary activities before taxation. The di¡erences were attributable to the following factors:
2001
%
2000
%
1999
%
UK corporation tax rate 30.0 30.0 31.0
Non-deductible depreciation and amortisation 9.0 2.5 0.6
Non-deductible non-UK losses 11.3 2.7 1.5
Higher taxes on non-UK profits 4.0 ––
Unprovided deferred taxes on excess capital allowances (2.8) (2.0) (0.7)
Lower effective tax on net foreign exchange gains –(1.2) –
Effect of reduction in UK corporation tax rate on deferred tax provision –– (0.1)
Lower effective tax on gain in MCI shares –– (2.4)
Lower effective tax on gain on disposal of fixed asset investments and group undertakings (8.3) (1.2) –
Prior year adjustments (14.6) ––
Other 1.5 (0.3) 0.2
Effective corporation tax rate 30.1 30.5 30.1
Deferred taxation of »60 million (2000 ^ »60 million, 1999 ^ »30 million) arising on excess capital allowances was not provided in
the year ended 31 March 2001.
The deferred taxation charge (credit) was mainly the result of the tax e¡ect of timing di¡erences as follows:
2001
£m
2000
£m
1999
£m
Excess capital allowances (74) (80) 1
Pension provisions 87 97 81
Other timing differences 14 (20) (11)
27 (3) 71
Prior year adjustments (a) (111) 16 5
Total deferred taxation charge (credit) (84) 13 76
(a) Reclassification between deferred and current taxation on the profit on ordinary activities for prior years.
11. Minority Interests
2001
£m
2000
£m
1999
£m
Minority interests in profits (losses):
Group 6(15) 15
Associates 121 54
Total minority interests 127 (10) 19
12. Dividends
2001
pence
per share
2000
pence
per share
1999
pence
per share
2001
£m
2000
£m
1999
£m
Interim dividend paid 8.70 8.70 8.10 571 565 523
Proposed final dividend –13.20 12.30 –861 799
Total dividends 8.70 21.90 20.40 571 1,426 1,322
BT Annual report and Form 20-F 91