RBS 2006 Annual Report Download - page 60
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59
RBS Group • Annual Report and Accounts 2006
Operating and financial review
Taxation
2006 2005
£m £m
Tax 2,689 2,378
%%
UK corporation tax rate 30.0 30.0
Effective tax rate 29.3 30.0
The actual tax charge differs from the expected tax charge computed by applying the standard rate of UK corporation tax
as follows:
2006 2005
£m £m
Expected tax charge 2,756 2,381
Interest on subordinated debt not allowable for tax 58 79
Non-deductible items 230 230
Non-taxable items (251) (166)
Taxable foreign exchange movements 5 (10)
Foreign profits taxed at other rates 63 77
Unutilised losses – brought forward and carried forward 14 (5)
Adjustments in respect of prior periods (186) (208)
Actual tax charge 2,689 2,378