Marks and Spencer 2009 Annual Report Download - page 93
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89
6 Finance income/costs
2009
£m
2008
£m
Bank and other interest receivable 14.6 5.5
Pension finance income (net) (see note 11E) 35.4 58.9
Finance income 50.0 64.4
Interest on bank borrowings 6.2 1.9
Interest payable on syndicated bank facility 41.0 30.0
Interest payable on medium-term notes 113.9 84.0
Interest payable on finance leases 4.9 3.4
Fair value movements on financial instruments 10.5 –
Unwinding of discount on partnership liability to the Marks & Spencer UK Pension Scheme 38.0 27.3
Finance costs 214.5 146.6
Net finance costs 164.5 82.2
7 Income tax expense
A. Taxation charge
2009
£m
2008
£m
Current tax
UK corporation tax at 28% (last year 30%)
– current year 127.4 123.0
– prior years (10.7) (13.1)
116.7 109.9
Overseas current taxation 5.1 7.5
Total current taxation 121.8 117.4
Deferred tax (see note 24)
– current year 70.1 184.0
– prior years 7.5 6.7
Total deferred taxation 77.6 190.7
Total income tax expense 199.4 308.1
B. Taxation reconciliation
2009
£m
2008
£m
Profit before tax 706.2 1,129.1
Taxation at the standard UK corporation tax rate of 28% (last year 30%) 197.7 338.7
Depreciation, charges and other amounts on non-qualifying fixed assets (4.0) 0.6
Other income and expenses not taxable or deductible 2.9 (1.3)
Exceptional costs 7.5 –
Overseas profits taxed at lower rates (1.5) (6.8)
Impact of change in UK corporation tax rate –(16.7)
Adjustments to tax charge in respect of prior periods (3.2) (6.4)
Total income tax expense 199.4 308.1
The post-exceptional effective tax rate was 28.2% (last year 27.3%) and the pre-exceptional effective tax rate was 27.0% (last year 27.0%).
In the prior year, the change in the standard UK corporation tax rate to 28% from April 2008 resulted in a deferred tax credit of £16.7m,
reducing the total effective tax rate by 1.5%.