Notes to the Interim report (unaudited)
5 Taxation
The interim tax charge of 19.4% is calculated by applying the estimated effective headline tax rate of 24.0% for the year ending 31 July 2009 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 31 January 2009 |
Period ended 2 February 2008 |
Year ended 31 July 2008 |
|||
|
Continuing |
|
Continuing |
|
Continuing |
|
|
Profit before taxation |
135.2 |
|
165.4 |
|
319.3 |
|
|
Taxation |
(26.2) |
19.4% |
(32.5) |
19.6% |
(75.0) |
23.5% |
|
Adjustments |
|
|
|
|
|
|
|
Non-headline items excluded from profit before taxation (note 7) |
31.4 |
|
(6.5) |
|
61.0 |
|
|
Taxation on non-headline items |
(13.8) |
|
(7.2) |
|
(16.3) |
|
|
Headline |
|
|
|
|
|
|
|
Headline profit before taxation |
166.6 |
|
158.9 |
|
380.3 |
|
|
Taxation on headline profit |
(40.0) |
24.0% |
(39.7) |
25.0% |
(91.3) |
24.0% |