EasyJet 2013 Annual Report Download - page 109

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www.easyJet.com
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Tax on profit on ordinary activities

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2012
£ million
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United Kingdom corporation tax  37
Foreign tax  11
Prior year adjustments  –
Total current tax charge  48
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Temporary differences relating to property, plant and equipment  42
Other temporary differences  (8)
Prior year adjustments  (2)
Change in tax rate  (18)
Total deferred tax (credit)/charge  14
 62

Effective tax rate  20%
As a consequence of legislation being enacted in the year reducing the UK corporation tax rate to 20% from 1 April 2015,
deferred tax in the year has been provided at 20% (2012: 23%). The consequent reduction in deferred tax liabilities of
£28 million (2012: £18 million) is a credit to the income statement tax charge and so lowering the overall effective tax
rate to 17% (2012: 20%).
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The tax for the year is lower than the standard rate of corporation tax in the UK as set out below:

PLOOLRQ
2012
£ million
Profit on ordinary activities before tax  317

Tax charge at 23.5% (2012: 25%)  79
Income not chargeable for tax purposes  –
Expenses not deductible for tax purposes  7
Share-based payments  1
Adjustments in respect of prior years – current tax  –
Adjustments in respect of prior years – deferred tax  (2)
Utilisation of previously unrecognised losses ± (5)
Change in tax rate  (18)
 62
Current tax liabilities at 30 September 2013 amounted to £58 million (2012: £29 million). £50 million of this relates to tax
payable in the UK, the remaining amount of £8 million is in respect of tax due in other European countries.
During the year ended 30 September 2013, net cash tax paid amounted to £65 million (2012: £28 million).

107
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