Carphone Warehouse 2015 Annual Report Download - page 109

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Dixons Carphone plc Annual Report and Accounts 2014/15
Financial statements
107
7 Tax continued
b) Reconciliation of notional to actual (effective) tax rate
The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate
of UK corporation tax to profit / (loss) before taxation are as follows:
13 months ended 2 May 2015
Restated
Year ended 29 March 2014
Headline
£million
Non-
Headline
£million
Statutory
£million
Headline
£million
Non-
Headline
£million
Statutory
£million
Profit / (loss) before taxation 376 (89) 287 128 (51) 77
Tax at UK statutory rate of 20.92% (2013/14: 23%) 79 (19) 60 29 (12) 17
Differences in effective overseas tax rates 7 (1) 6 — — —
A
djustments in respect of prior years (2) —(2) (9) (3) (12)
Items attracting no tax relief or liability 11 5 16 2 9 11
Movement in unprovided deferred tax (5) — (5) (1) — (1)
Exceptional write-off of tax assets and liabilities — — — — 1 1
Effect of change in statutory tax rate — — — 4 (1) 3
Other differences 1 — 1 — — —
Total tax charge (credit) 91 (15) 76 25 (6) 19
The effective tax rate on Headline earnings of 24% (2013/14: 20%) has increased compared to the prior year due mainly to an
increase in the proportion of taxable profits arising in higher rate jurisdictions, predominantly the Nordics.
Items attracting no tax relief or liability relate primarily to non-deductible lease exit costs (2013/14: related primarily to French
operations).
c) Deferred tax
Accelerated
capital
allowances
£million
Retirement
benefit
obligations
£million
Losses
carried
forward
£million
Other
temporary
differences
£million
Total
£million
A
t 1 April 2013 — — — 1 1
CPW Europe Acquisition 27 — 3 14 44
Charged directly to income statement (6) — — (5) (11)
Credited to equity — — — 2 2
A
t 29 March 2014 21 — 3 12 36
Dixons Retail Merger (41) 83 — 58 100
Credited / (charged) directly to income statement 3 — 1 (5) (1)
Credited to equity — 15 — 12 27
A
t 2 May 2015 (17) 98 4 77 162
Deferred tax comprises the following balances:
2 Ma
y
2015
£million
29 March
2014
£million
Deferred tax assets 263 54
Deferred tax liabilities (101) (18)
162 36