Punch Taverns plc 2011 Annual Report
Punch Taverns plc 2011 Annual Report
Punch Taverns plc 2011 Annual Report
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<strong>Punch</strong> <strong>Taverns</strong> <strong>plc</strong><br />
<strong>Annual</strong> <strong>Report</strong> and Financial Statements <strong>2011</strong><br />
67<br />
8 Taxation continued<br />
Tax on items credited to equity<br />
In addition to the amount credited to the income statement, tax movements recognised directly in equity through the Consolidated<br />
statement of comprehensive income were as follows:<br />
52 weeks to<br />
20 August<br />
<strong>2011</strong><br />
£m<br />
52 weeks to<br />
21 August<br />
2010<br />
£m<br />
Deferred tax<br />
Deferred tax (credit) / charge on (loss) / gain on actuarial valuation of pension schemes (1.0) 8.9<br />
Deferred tax credit on effective element of cash flow hedges (6.9) (23.7)<br />
Deferred tax credit on other items charged to equity (0.2) –<br />
Deferred tax credit recognised directly in equity (8.1) (14.8)<br />
(b) Reconciliation of the total tax charge<br />
The effective rate of tax is different to the full rate of corporation tax. The differences are explained below:<br />
52 weeks to<br />
20 August<br />
<strong>2011</strong><br />
£m<br />
Restated<br />
52 weeks to<br />
21 August<br />
2010<br />
£m<br />
Loss on ordinary activities before tax on continuing operations (335.4) (130.0)<br />
Tax at current UK tax rate of 27.22% (August 2010: 28%) (91.3) (36.4)<br />
Effects of:<br />
Net effect of expenses not deductible for tax purposes and non-taxable income (underlying items) 0.5 1.5<br />
Adjustments to tax in respect of prior periods (non-underlying items) (1.3) (4.1)<br />
Current period non-underlying debits / (credits) 115.5 61.2<br />
Total tax charge reported in the income statement on continuing operations 23.4 22.2<br />
Governance Business review<br />
Details of the non-underlying tax credits and debits are included in note 6.<br />
Financial statements