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Annual Report > Report of the directors > Financial review > Taxation

TAXATION


The tax benefit for the 2007 financial year was a net credit of £368 million and comprised a charge of £611 million on the profit before taxation and specific items, offset by a tax credit of £41 million on certain specific items and a further specific items tax credit of £938 million arising from the settlement of substantially all open UK tax matters relating to ten tax years up to and including the 2004/05 tax year.

     The tax charge on the profit before taxation and specific items was at an effective rate of 24.5%, compared with 24.5% and 26.0% in the 2006 and 2005 financial years, respectively, and reflects the continued focus on tax efficiency in the group.
     The tax charge for the 2006 financial year was £492 million and comprised a charge of £533 million on the profit before taxation and specific items, offset by a tax credit of £41 million on certain specific items. The tax charge for the 2005 financial year was £525 million and comprised a £541 million charge on the profit before taxation and specific items, offset by a tax credit of £16 million on certain specific items.
 

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