| Year ended 31 March 2005 £m |
2005 £m |
2004 £m |
|
|---|---|---|---|
| Tax charge | |||
| Current tax | |||
| (3) | UK corporation tax (30%) | 3 | 10 |
| 2 | Foreign tax | 9 | 1 |
| (1) | 12 | 11 | |
| (45) | Adjustments in respect of prior years | (1) | (5) |
| (46) | Total current tax charge (credit) | 11 | 6 |
| 130 | Deferred tax on income and revaluations | 135 | 68 |
| 84 | Group total taxation (net) | 146 | 74 |
| 42 | Attributable to joint ventures | 16 | 22 |
| 126 | Total taxation | 162 | 96 |
| Tax reconciliation | |||
| 738 | Profit on ordinary activities before taxation | 761 | 446 |
| (158) | Less: share of profits offunds and joint ventures | (80) | (82) |
| 580 | Group profit on ordinary activities before taxation | 681 | 364 |
| 174 | Tax on Group profit on ordinary activities at UK corporation tax rate of 30% (2004– 30%) Effects of: |
204 | 109 |
| (178) | Valuation gains on investment properties | (170) | (91) |
| (10) | Capital allowances | (4) | (3) |
| 11 | Tax losses and other timing differences | (16) | (5) |
| 2 | Expenses not deductible for tax purposes | (2) | 1 |
| (45) | Adjustments in respect of prior years | (1) | (5) |
| (46) | Group current tax charge (credit) | 11 | 6 |
