EasyJet 2011 Annual Report Download - page 81

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Tax on items recognised directly in other comprehensive income or shareholders’ equity
2011
£ million
2010
£ million
Credit / (charge) to other comprehensive income
Deferred tax credit / (charge) on fair value movements of cash flow hedges 9 (23)
Charge to shareholders’ equity
Current tax credit on share-based payments – 2
Deferred tax charge on share-based payments (1) (3)
(1) (1)
Deferred tax
The net deferred tax liability in the statement of financial position is as follows:
Accelerated
capital
allowances
£ million
Short-term
timing
differences
£ million
Tax losses
£ million
Fair value
(gains)/
losses
£ million
Share-
based
payments
£ million
Total
£ million
At 1 October 2010 62 57 – 33 (4) 148
Charged / (credited)
to income statement 58 (18) – (1) – 39
Credited to other
comprehensive income – – – (9) – (9)
Charged to shareholders’ equity – – – – 1 1
At 30 September 2011 120 39 – 23 (3) 179
Accelerated
capital
allowances
£ million
Short-term
timing
differences
£ million
Tax losses
£ million
Fair value
(gains)/
losses
£ million
Share-based
payments
£ million
Total
£ million
At 1 October 2009 36 52 (16) 10 (6) 76
Charged / (credited)
to income statement 26 5 16 – (1) 46
Charged to other
comprehensive income – – – 23 – 23
Charged to shareholders’ equity – – – – 3 3
At 30 September 2010 62 57 – 33 (4) 148
It is estimated that deferred tax liabilities of approximately £5 million (2010: £12 million) will reverse during the
next financial year.
Deferred tax assets and liabilities have been offset where they relate to taxes levied by the same taxation
authority. As a result the net UK deferred tax liability is £190 million (2010: £148 million). The net overseas
deferred tax asset is £11 million (2010: £nil million).
No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is
expected to be payable in the foreseeable future based on the current repatriation policy of easyJet.
easyJet plc
Annual report
and accounts 2011
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