TABLE OF CONTENTS | $ million | $ million | |
|---|---|---|
| Current tax | ||
| 0.40 | |
| Deferred tax | ||
| (0.08) | |
| (0.05) | |
| (0.13) | ||
| Total tax charge | 0.27 |
| $ million | |
|---|---|
| Provision as at 30 April 2001 | 0.69 |
| Deferred tax credit in income statement for the year | (0.13) |
| Provision as at 30 April 2002 | 0.56 |
Deferred tax
| $ million | ||
|---|---|---|
| Temporary differences as at 30 April 2001 | 2.30 | |
| Temporary timing differences as at 30 April 2002 | 2.00 | |
| Deferred tax as at 30 April 2001 (2.30 30%) | 0.69 | |
| Deferred tax as at 30 April 2002 (based on new rate of 28% 2.30) | 0.64 | |
| Reduction in deferred tax provision | 0.05 | |
| Temporary difference for 2002 (2.30 - 2.00 0.30 28%) | 0.08 |
Pension costs represent a temporary timing difference for deferred tax purposes. The creation of a provision for pension costs is not payable for many years but is still recognised as a cost of employment in the financial statements that is charged in the income statement. However, the company does not get tax...
