BT 2007 Annual Report Download - page 100
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6. TAXATION continued
Factors affecting taxation (credit) expense
The taxation (credit) expense on the profit for the year differs from the amount computed by applying the corporation tax rate to
the profit before taxation as a result of the following factors:
2007 2006 2005
£m % £m % £m %
Profit before taxation 2,484 2,040 2,354
Notional taxation expense at UK rate of 30% (2006
and 2005: 30%) 745 30.0 612 30.0 706 30.0
Effects of:
Non deductible depreciation and amortisation 4 0.1 8 0.4 6 0.2
Non deductible non UK losses 9 0.4 29 1.4 38 1.6
Higher (lower) taxes on non UK profits 11 0.4 (1) – (14) (0.6)
Lower taxes on gain on disposal of non current
investments and group undertakings (2) (0.1) – – (107) (4.5)
Other deferred tax assets not recognised ––(25) (1.2) – –
Associates and joint ventures (5) (0.2) (5) (0.2) – –
Adjustments in respect of prior periods (78) (3.2) (79) (3.9) 2 0.1
Tax credit in respect of settlement of open tax years (938) (37.8) ––––
Other (114) (4.5) (47) (2.4) (106) (4.5)
Total taxation (credit) expense and effective tax
rate (368) (14.9) 492 24.1 525 22.3
Specific items 979 39.4 41 0.4 16 3.7
Total taxation expense before specific items and
effective tax rate 611 24.5 533 24.5 541 26.0
2007 2006 2005
£m £m £m
Tax on items taken directly to equity
Current tax charge on exchange movements offset in reserves ––7
Deferred tax charge (credit) relating to losses on cash flow hedges 62 (45) –
Deferred tax charge relating to ineffective hedges –9–
Deferred tax charge on actuarial gain relating to retirement benefit obligations 424 629 72
Total taxation on items taken to statement of recognised income and expense 486 593 79
Current tax credit relating to share based payments (12) ––
Deferred tax credit relating to share based payments (70) (5) –
Total taxation on items taken directly to equity 404 588 79
7. DIVIDENDS
2007 2006 2005
pence
per share
pence
per share
pence
per share
2007
£m
2006
£m
2005
£m
Final paid in respect of the prior year 7.60 6.50 5.30 631 551 454
Interim paid in respect of the current year 5.10 4.30 3.90 422 361 332
12.70 10.80 9.20 1,053 912 786
The directors are proposing that a final dividend in respect of the year ended 31 March 2007 of 10.0 pence per share will be paid
to shareholders on 17 September 2007, taking the full year proposed dividend in respect of the 2007 financial year to 15.1 pence
(2006: 11.9 pence, 2005: 10.4 pence). This dividend is subject to approval by shareholders at the Annual General Meeting and
therefore the liability of £825 million (2006: £631 million) has not been included in these financial statements. The proposed
dividend will be payable to all shareholders on the Register of Members on 24 August 2007.
BT Group plc Annual Report & Form 20-F 99
Financial statements