Peachtree 2013 Annual Report Download - page 111

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Results for the year continued
The Sage Group plc | Annual Report & Accounts 2013 105
Financial statements
2.4 Finance income and costs
2013
£m
2012
£m
Finance income: interest income on short-term deposits 1.4 2.6
Finance costs:
Finance costs on bank borrowings (1.4) (3.0)
Finance costs on US senior loan notes (14.4) (8.6)
A
mortisation of issue costs (0.9) (1.1)
Imputed interest on put and call arrangement to acquire non-controlling interest and deferred consideration (1.1) (0.5)
Finance costs (17.8) (13.2)
Finance costs – net (16.4) (10.6)
3 Income tax expense
A
nalysis of charge in the year
Note
2013
£m
2012
£m
Current tax
– Current tax on profit for the year 136.6 115.4
– Adjustment in respect of prior years (6.3) (15.0)
Current tax 130.3 100.4
Deferred tax
– Origination and reversal of temporary differences (13.6) –
– Adjustment in respect of prior years (0.1) (5.0)
Deferred tax 9 (13.7) (5.0)
The current year tax charge is split into the following:
Underlying tax charge 99.2 –
T
ax charged on exceptional items 17.4 –
Income tax expense 116.6 95.4
The majority of the current tax adjustment in respect of prior years of £6.3m (2012: £15.0m) reflects the resolution of a number of historical tax matters
with the tax authorities.
109The Sage Group plc | Annual Report & Accounts 2013
GovernanceStrategic report Financial statements