Peachtree 2013 Annual Report Download - page 121
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Operating assets and liabilities continued
A
y
The Sage Group plc | Annual Report & Accounts 2013 115
Financial statements
9 Deferred income tax
Deferred income tax has been calculated at 21.0% (2012: 23%) in respect of UK companies (being the corporation tax rate at which timing differences
are expected to reverse) and at the prevailing rates for the overseas subsidiaries.
The Finance Act 2013, which was substantively enacted on 17 July 2013, includes legislation reducing the main rate of UK corporation tax to 21%
from 1 April 2014. As such, deferred tax balances at 30 September 2013 have been calculated using a rate of 21%.
The movement on the deferred tax account is as shown below:
2013
£m
2012
£m
A
t 1 October (19.5) 6.0
Income statement credit 13.7 5.0
Disposal of subsidiaries 4.8 (10.7)
Income tax on discontinued operations –(16.2)
Exchange movement (2.0) (0.1)
Other comprehensive income/equity movement in deferred tax (1.4) (0.7)
T
ransfer from current income tax liabilities –(2.8)
A
t 30 September (4.4) (19.5)
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because it is
probable that these assets will be recovered. These have been included within the “Other” category.
No deferred tax is recognised on the unremitted earnings of overseas subsidiaries. As the earnings are continually reinvested by the Group, no tax
is expected to be payable on them in the foreseeable future.
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12, “Income
Taxes”) during the year are shown below.
119The Sage Group plc | Annual Report & Accounts 2013
GovernanceStrategic report Financial statements