|
The
tax charge for the 2003 financial year was £459
million and comprises £598 million on the profit
before taxation, goodwill amortisation and exceptional
items, offset by tax relief of £139 million on
certain exceptional charges. The tax charge on the profit
before taxation, goodwill amortisation and exceptional
items is at an effective rate of 32.7%.
The
tax charge for the 2002 financial year was £443
million. The effective rate was 41.5% of the profit
from continuing activities before taxation, goodwill
amortisation and exceptional items. This was in excess
of the standard UK tax rate of 30% due to the impact
of loss making subsidiaries outside the UK for which
tax relief is not immediately available and associate
company taxation.
The
tax charge for the 2001 financial year was £712
million. The effective rate was 21.8% of profit from
continuing activities before taxation, goodwill amortisation
and exceptional items. This was lower than the standard
UK corporation tax rate of 30% due to tax relief on
losses surrendered by discontinued activities.
|
