Carphone Warehouse 2012 Annual Report Download - page 72

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Carphone Warehouse Group plc Annual Report 201268
7 Taxation continued
Deferred tax assets recognised by the Group and movements thereon during the year are as follows:
2012 2011
£m £m
Opening balance 1.4 0.8
Credit (charge) to the income statement 0.8 (0.4)
Movements through accumulated profits (1.1) 1.0
Current year tax losses carried forward 0.2 —
Deferred tax assets 1.3 1.4
On 21 March 2012 the government announced the reduction of the UK corporation tax rate from 26% to 24% with effect from April 2012
and then to 22% by April 2014. The impact of this reduction is not material to the wholly‑owned Group.
8 Equity dividends and other distributions
The following dividends and distributions were paid during the year:
2012 2011
£m £m
Final dividend for the year ended 31 March 2011 of 5.0p per ordinary share 22.7 —
Interim dividend for the year ended 31 March 2012 of 1.75p per ordinary share 7.9 —
Dividend of 172p per C share through the B/C Share Scheme 223.0 —
Redemption of 172p per B share through the B/C Share Scheme 556.9 —
810.5 —
The following distributions are committed or proposed but had not been effected at 31 March 2012:
2012
£m
Final dividend for the year ended 31 March 2012 of 3.25p per ordinary share 15.4
Redemption of 172p per B share through the B/C Share Scheme 32.9
The proposed final dividend for the year ended 31 March 2012 is subject to shareholders’ approval at the forthcoming annual general
meeting and has notbeen included as a liability in these financial statements. The expected cost of this dividend reflects the fact that
theGroup’s ESOT hasagreed to waive its rights to receive dividends (see note 5f).
The redemption of B shares which had not been effected at 31 March 2012 is in respect of shares where an election was made forthedeferred
capital option under the B/C Share Scheme and was effected in April 2012.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED