Carphone Warehouse 2009 Annual Report Download - page 66
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62 The Carphone Warehouse Group PLC Annual Report 2009
Notes to the Financial Statements – continued
9 Taxation
The tax credit for continuing operations comprises:
Restated
2009 2008
£m £m
Current tax:
UK corporation tax 7 1
Overseas tax 1 1
8 2
Adjustments in respect of prior years:
UK corporation tax 3 –
Total current tax 11 2
Deferred tax:
Origination and reversal of timing differences (23) (24)
Adjustments in respect of prior years (19) –
Total deferred tax (42) (24)
Total tax credit (31) (22)
The tax charge relating to Headline earnings (see note 11) for the year is £19m (2008: £5m) representing an effective tax rate on
pre-tax prots or losses before share of results of joint ventures and associates of 17% (2008: 50%). The tax credit relating to
statutory earnings for the year is £31m (2008: £22m).
The principal differences between the tax credit shown above and the amount calculated by applying the standard rate of UK
corporation tax of 28% (2008: 30%) to loss before taxation are as follows:
Restated
2009 2008
£m £m
Loss before taxation (72) (86)
Loss before taxation at 28% (2008: 30%) (20) (26)
Items attracting no tax relief or liability 5 –
Adjustments in respect of prior years (16) –
Impact of change in UK tax rate (see below) – 4
Total tax credit (31) (22)
Tax on items recognised directly in reserves is as follows:
2009 2008
£m £m
Current tax credit on share-based payments – (9)
Deferred tax debit on share-based payments 16 3
Deferred tax credit on available-for-sale investments – (1)
16 (7)