Experian 2012 Annual Report Download - page 118
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116 Experian Annual Report 2012 Financial statements
Notes to the Group financial statements continued
15. Tax (credit)/charge in the Group income statement (continued)
(ii) Reconciliation of the Group tax (credit)/charge to the Benchmark tax charge
2012
US$m
20 11
(Re-presented)
(Note 3)
US$m
Group tax (credit)/charge (35) 118
One-off tax credit 268 37
Tax attributable to exceptional items (1) 4
Tax relief on total adjustments made to derive Benchmark PBT 42 39
Tax on Benchmark PBT 274 198
Benchmark PBT 1,128 920
Effective rate of tax based on Benchmark PBT 24.3% 21.5%
In the year ended 31 March 2012, a one-off tax credit of US$268m has been recognised on the determination of certain liabilities in respect of
historic positions and the further utilisation of tax losses. In the year ended 31 March 2011, a one-off tax credit of US$37m was recognised in
respect of the utilisation of tax losses. These amounts have been excluded from the calculation of the effective rate of tax based on Benchmark
PBT in view of their size and nature.
(c) Factors that may affect future tax charges
In the foreseeable future, the Group’s tax charge will continue to be influenced by the profile of profits earned in the different countries in which
the Group’s businesses operate and could be affected by changes in tax law. In the UK, the main rate of corporation tax was reduced from
28% to 26% with effect from 1 April 2011 and to 24% with effect from 1 April 2012. Further proposed reductions to the main rate will reduce it by
1% per annum to 22% from 1 April 2014. Each of these further proposed reductions is expected to be separately enacted and has not yet been
substantively enacted.
(d) Other information in respect of tax
Tax recognised in other comprehensive income and directly in equity is detailed in note 16. Details of the tax position in the Group balance sheet
are given in note 35 and an analysis of the cash outflow in respect of tax is given in note 40(d).
16. Tax recognised in other comprehensive income and directly in equity
(a) Tax recognised in other comprehensive income
2012 2011
Before
tax
US$m
Tax
(charge)
US$m
After
tax
US$m
Before
tax
US$m
Tax
(charge)/
credit
US$m
After
tax
US$m
Actuarial gains - defined benefit pension plans 9(2) 7 107 (30) 77
Fair value gains - available for sale financial assets - - - 4 1 5
Currency translation differences (64) -(64) 142 - 142
Other comprehensive income (55) (2) (57) 253 (29) 224
Current tax -1
Deferred tax (2) (30)
Other comprehensive income (2) (29)
(b) Tax credit recognised directly in equity on transactions with owners
2012
US$m
2011
US$m
Current tax 15 5
Deferred tax 515
20 20
The tax credit recognised directly in equity relates to employee share incentive plans.