<< < > >>
Search:
| Full PDF report | Print this page |
Annual Report & Accounts 2009 - Notes
slide
<< < > >>
38 8. TAXATION Current tax for the current and prior periods is classified as a current liability to the extent that it is unpaid. Amounts paid in excess of amounts owed are classified as a current asset. There is a current tax asset of c525k (net of tax payable amounts) at 31 December 2009 (2008: Current tax liability of c371k (net of tax receivable amounts)). 8.1 Taxation amounts recognised in the Income Statement Year ended Year ended Year ended 31 Dec 31 Dec 31 Dec 2009 2008 2007 d000's c000's c000's Current tax expense Current year 408 360 - Adjustments for prior period - - - ----- ----- ----- 408 360 - ----- ----- ----- Deferred tax income Origination and reversal of temporary differences (42) - (11) Reduction in tax rate - - Benefits of tax losses recognises - - ----- ----- ----- Total income tax expense/(income) in income statement 366 360 (11) ----- ----- ----- Reconciliation of effective tax rate Year ended Year ended Year ended 31 Dec 31 Dec 31 Dec 2009 2008 2007 d000's c000's c000's Profit before tax 13,820 16,903 16,631 Income tax using the domestic corporation tax rate 3,870 4,817 4,936 Effect of tax rates in foreign jurisdictions (Rates decreased) (3,462) (4,457) (4,936) Capital allowances for period in access of depreciation (42) - (11) ----- ----- ----- 366 360 (11) ----- ----- ----- A deferred tax asset was recognised as the Group considers that it more probable than not that future taxable profits will be available against which the asset could be utilised.