Experian 2014 Annual Report Download - page 134
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Financial statements • Notes to the Group financial statements
Notes to the Group financial statements
for the year ended 31 March 2014 continued
130
16. Tax charge in the Group income statement continued
(b) Tax reconciliations
(i) Reconciliation of the Group tax charge
2014
US$m
2013
(Re-presented)
(Note 3)
US$m
Profit before tax 1,049 434
Profit before tax multiplied by the main rate of UK corporation tax of 23% (2013: 24%) 241 104
Effects of:
Adjustments in respect of prior years (28) (26)
Exceptional items 8 5
Other income not taxable (21) (27)
Increase in fair value of Serasa put option not deductible – 134
Other expenses not deductible 87 67
Adjustment in respect of previously unrecognised tax losses (1) (3)
Adjustment in respect of tax benefits recognised on corporate transactions – (98)
Reduction in future rate of UK corporation tax 23 12
Different effective tax rates in non-UK businesses (7) (17)
Group tax charge 302 151
Effective rate of tax based on Profit before tax 28.8% 34.8%
(ii) Reconciliation of the Group tax charge to the Benchmark tax charge
2014
US$m
2013
(Re-presented)
(Note 3)
US$m
Group tax charge 302 151
Tax relief attributable to exceptional items 8 11
Tax relief on other adjustments made to derive Benchmark PBT 42 41
Deferred tax charge arising on rate reduction (23) –
One-off tax credit – 98
Benchmark tax charge 329 301
Benchmark PBT 1,232 1,189
Benchmark tax rate 26.7% 25.3%
In both the current and prior year, significant one-off tax charges and credits have been excluded from the calculation of the
Benchmark tax rate in view of their size and nature. In the year ended 31 March 2014, a deferred tax charge of US$23m was
recognised as a consequence of the enacted reduction in the main rate of UK corporation tax from 23% to 20% and the associated
reduction in deferred tax assets recognised in respect of tax losses. In the year ended 31 March 2013, the one-off tax credit of US$98m
comprised a tax benefit on a corporate transaction in respect of the Group’s subsidiary undertaking in Colombia.
(c) Factors that affect tax charges
The effective tax rates for both years are higher than the main rate of UK corporation tax with the differences explained above.
The Group’s tax charge in the future 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 to 23% from 1 April 2013. Further reductions reduce it to 21% from
1 April 2014 and 20% from 1 April 2015 and the effect of these reductions is recognised in these financial statements.