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The
tax charge for the 2004 financial year was £539 million
and comprises £568 million on the profit before taxation,
goodwill amortisation and exceptional items, offset by tax relief
of £29 million on certain exceptional charges. The tax charge
on the profit before
taxation, goodwill amortisation and exceptional items is at an
effective rate of 28.2%.
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.
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