Notes to the Interim Report & Accounts
(unaudited)
5 Taxation
The interim tax charge of 19.6% (six months ended 3 February 2007: 22.3%) is calculated by applying the estimated effective headline tax rate of 25% for the year ending 31 July 2008 (six months ended 3 February 2007: 26%) to headline profit before tax and then taking into account the tax effect of non-headline items in the interim period.
A reconciliation of total and headline tax charge – continuing is as follows:
|
|
Period ended |
Period ended |
Period ended |
|||
|
|
Continuing |
|
Continuing |
|
Continuing |
|
|
Profit before taxation |
165.4 |
|
136.3 |
|
256.0 |
|
|
Taxation |
(32.5) |
19.6% |
(30.4) |
22.3% |
(53.1) |
20.7% |
|
Adjustments |
|
|
|
|
|
|
|
Non-headline items excluded from profit before taxation (note 8) |
(6.5) |
|
(2.3) |
|
88.4 |
|
|
Taxation on non-headline items |
(7.2) |
|
(4.4) |
|
(33.3) |
|
|
Headline |
|
|
|
|
|
|
|
Headline profit before taxation |
158.9 |
|
134.0 |
|
344.4 |
|
|
Taxation on headline profit |
(39.7) |
25.0% |
(34.8) |
26.0% |
(86.4) |
25.1% |