Financial Statements
8Taxation
| 2009 £m |
2008 £m |
|
|---|---|---|
| Tax expense (income) | ||
| Current tax | ||
| UK corporation tax: 28% (2008: 30%) | 6 | 3 |
| Foreign tax | 1 | 1 |
| 7 | 4 | |
| Adjustments in respect of prior years | (5) | (4) |
| Total current tax expense | 2 | |
| Deferred tax on income and revaluations | (49) | (46) |
| Group total taxation (net) | (47) | (46) |
| Tax reconciliation | ||
| Loss on ordinary activities before taxation | (3,928) | (1,609) |
| Less: loss attributable to funds and joint ventures | 767 | 306 |
| Group loss on ordinary activities before taxation | (3,161) | (1,303) |
| Tax on loss on ordinary activities at UK corporation tax rate of 28% (2008: 30%) | (885) | (391) |
| Effects of: | ||
| REIT exempt income and gains | 881 | 390 |
| Goodwill impairment and amortisation of intangibles | 4 | |
| Tax losses and other timing differences | (38) | (45) |
| Adjustments in respect of prior years | (5) | (4) |
| Group total taxation | (47) | (46) |
Tax attributable to underlying profits for the year ended 31 March 2009 is £9m (2008: £8m). Corporation tax payable at 31 March 2009 was £40m (2008: £25m) as shown in note 15, which primarily relates to corporation taxes for periods preceding REIT entry.