BT 2014 Annual Report Download - page 145

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142 Financial statements
9. Taxation
Analysis of taxation expense for the year
Year ended 31 March
2014
£m
2013
Restated
£m
2012
a Restated
£m
a
United Kingdom
Corporation tax at 23% (2012/13 24%, 2011/12 26%) (693) (644) (678)
Adjustments in respect of prior periods 10 277 39
Non-UK taxation
Current (65) (41) (60)
Adjustments in respect of prior periods 318
Total current tax expense (745) (407) (691)
Deferred taxation
Origination and reversal of temporary dierences 239 158 143
Adjustments in respect of prior periods 4 (221) 27
Impact of change in UK corporation tax rate to 20% (2012/13 23%, 2011/12 24%) 208 103 157
Total deferred taxation credit 451 40 327
Total taxation expense (294) (367) (364)
a Restated, see note 1.
Factors aecting taxation expense for the year
The taxation expense on the prot for the year diers from the amount computed by applying the UK corporation tax rate to the prot before
taxation as a result of the following factors
Year ended 31 March
2014
£m
2013
Restated
£m
2012
a Restated
£m
a
ProƬt before taxation 2,312 2,315 2,120
Expected taxation expense at UK rate of 23% (2012/13 24%, 2011/12 26%) (532) (555) (551)
Eects of
Overseas losses utilised 13 14 75
Non-deductible depreciation and amortisation (12) (14) (9)
Non-deductible non-UK losses (40) (46) (27)
(Higher) lower taxes on non-UK prots (5) 10 (16)
Lower (higher) taxes on gain on disposal of business – 28 (5)
Other deferred tax assets not recognised 54 36 (1)
Adjustments in respect of prior periods 17 57 74
Re-measurement of deferred tax balances 208 103 157
Other 3 – (61)
Total taxation expense (294) (367) (364)
Exclude specic items (note 8) (319) (230) (212)
Total taxation expense before speciƬc items (613) (597) (576)
a Restated, see note 1.