FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
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82<br />
Section five – Financial statements<br />
<strong>FSA</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>07</strong><br />
7. Other revenue<br />
Other revenue comprises:<br />
20<strong>07</strong> <strong>2006</strong><br />
(Restated)<br />
£m £m<br />
Information and training services 6.8 8.4<br />
Application fees and other regulatory income 9.7 10.9<br />
Other sundry income 9.5 3.5<br />
26.0 22.8<br />
8. Tax<br />
The tax charge on ordinary activities is:<br />
20<strong>07</strong> <strong>2006</strong><br />
£m £m<br />
Current tax on continuing operations 1.5 1.3<br />
Corporation tax charge for the year 1.5 1.3<br />
Corporation tax is calculated at 30% (<strong>2006</strong>: 30%) of the estimated<br />
assessable surplus for the year. The total charge for the year can be<br />
reconciled to the accounting surplus as follows:<br />
20<strong>07</strong> <strong>2006</strong><br />
£m £m<br />
Surplus before tax on continuing operations 18.4 8.8<br />
Tax at 30% thereon 5.5 2.6<br />
Effects of:<br />
Activities not subject to corporation tax (4.0) (1.3)<br />
Current tax charge for the period 1.5 1.3<br />
Effective tax rate for the period 8% 15%<br />
Under an agreement with the HM Revenue & Customs the company is not<br />
subject to corporation tax on income arising from its regulatory activities.<br />
Consequently, the tax charge arises solely on interest receivable.