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101
ANNUAL REPORT AND FINANCIAL STATEMENTS 2015
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
OUR BUSINESSOUR PERFORMANCE
GOVERNANCEFINANCIAL STATEMENTS
6 FINANCE INCOME/COSTS
2015
£m
2014
£m
Bank and other interest receivable 5.0 8.4
Pension net fi nance income (see note 11) 10.5 11 . 7
Underlying fi nance income 15.5 20.1
Interest income on tax repayment (see note 7) – 4.9
Finance income 15.5 25.0
Interest on bank borrowings (3.3) (3.3)
Interest payable on syndicated bank facility (6.4) (5.0)
Interest payable on medium-term notes (88.1) (110.5)
Interest payable on fi nance leases (2.0) (2.3)
Unwind of discount on fi nancial instruments (0.6) (0.2)
Unwind of discount on provisions (0.3) –
Unwinding of discount on partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (16.1) (17.8)
Finance costs (116.8) (139.1)
Net fi nance costs (101.3) (114.1)
7 INCOME TAX EXPENSE
A. Taxation charge
2015
£m
2014
£m
Current tax
UK corporation tax on profi ts for the year at 21% (last year 23%)
– current year 106.5 97.1
– adjustments in respect of prior years (7.5) (55.8)
UK current tax 99.0 41.3
Overseas current taxation
– current year 12.3 14.5
– adjustments in respect of prior years (3.0) (2.7)
Total current taxation 108.3 53.1
Deferred tax
– origination and reversal of temporary di erences 5.8 17.7
– adjustments in respect of prior years 4.5 26.2
– changes in tax rate (0.3) (22.6)
Total deferred tax (see note 23) 10.0 21.3
Total income tax expense 118 . 3 74.4