BT 2012 Annual Report Download - page 120
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Financial statements
Notes to the consolidated financial statements
10. Taxation
Analysis of taxation (expense) credit for the year
2012 2011 2010
Year ended 31 March £m £m £m
United Kingdom
Corporation tax at 26% (2011: 28%, 2010: 28%) (678) (197) (161)
Adjustments in respect of prior periods 39 (7) 204
Non-UK taxation
Current (60) (40) (31)
Adjustments in respect of prior periods 811 –
Total current tax (expense) credit (691) (233) 12
Deferred taxation
Origination and reversal of temporary differences 58 (184) (53)
Adjustments in respect of prior periods 27 32 63
Impact of change in UK corporation tax rate to 24% (2011: 26%) 164 172 –
Total deferred taxation credit 249 20 10
Total taxation (expense) credit (442) (213) 22
Factors affecting taxation expense for the year
The taxation 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:
2012 2011 2010
Year ended 31 March £m % £m % £m %
Profit before taxation 2,445 1,717 1,007
Expected taxation expense at UK rate of 26%
(2011 and 2010: 28%) (636) 26.0 (481) 28.0 (282) 28.0
Effects of:
Non-deductible depreciation and amortisation (9) 0.4 (15) 0.9 (18) 1.7
Non-taxable non-UK profits (27) 1.1 (13) 0.8 (26) 2.6
Overseas losses utilised 75 (3.0) 53 (3.1) 35 (3.4)
Lower taxes on non-UK profits (16) 0.6 (1) – (1) 0.1
(Lower) higher taxes on gain on disposal of business (5) 0.2 12 (0.7) – –
Other deferred tax assets not recognised (1) – (8) 0.4 (17) 1.6
Associates and joint ventures 3 (0.1) 6 (0.3) 11 (1.1)
Adjustments in respect of prior periods 74 (3.1) 36 (2.1) 37 (3.7)
Tax credit in respect of settlement of open tax years ––––230(22.9)
Re-measurement of deferred tax balances 164 (6.7) 172 (10.0) – –
Other (64) 2.7 26 (1.5) 53 (5.1)
Total taxation (expense) credit and effective tax rate (442) 18.1 (213) 12.4 22 (2.2)
Exclude specific items (note 9) (142) (239) (420)
Total taxation expense before specific items and
effective rate on profit before specific items (584) 24.1 (452) 21.7 (398) 22.9
Tax credit recognised directly in equity
2012 2011 2010
Year ended 31 March £m £m £m
Deferred tax credit relating to share-based payments 17 91 19
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