Punch Taverns plc 2011 Annual Report

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