© Rolls-Royce Group plc 2004
Legal information
  prev: Net interest payable - group next: Dividends - ordinary shares back: Notes to the accounts back: Financial statements menu |
|
  pdf [1,644k] |
||
|
|
|
|
|
|
|
|
|
| 5 Taxation | ||||||||
|
|
UK | |
|
Overseas | |
|
Total |
| Current tax | 2003 £m |
2002 £m |
|
2003 £m |
2002 £m |
|
2003 £m |
2002 £m |
| Current tax charge/(credit) for the period | 22 | (16) | |
55 | 54 | |
77 | 38 |
| Less double tax relief | (17) | (1) | |
— | — | |
(17) | (1) |
|
5 | (17) | |
55 | 54 | |
60 | 37 |
| Adjustments in respect of prior periods | (10) | — | |
(14) | — | |
(24) | — |
| Joint ventures | 4 | 2 | |
4 | 4 | |
8 | 6 |
|
(1) | (15) | |
45 | 58 | |
44 | 43 |
| Deferred tax | ||||||||
| Deferred tax (credit)/charge for the period | (3) | 22 | |
(6) | (10) | |
(9) | 12 |
| Adjustments in respect of prior periods | 14 | (7) | |
13 | 1 | |
27 | (6) |
| Joint ventures | 2 | 3 | |
— | — | |
2 | 3 |
|
12 | 3 | |
52 | 49 | |
64 | 52 |
Tax reconciliation |
||||||||
| Profit on ordinary activities before taxation | 180 | 105 | ||||||
| Nominal tax charge at UK corporation tax rate 30% (2002 30%) | 54 | 32 | ||||||
| Goodwill not deductible for tax purposes | 13 | 19 | ||||||
| Unrelieved overseas losses | — | 8 | ||||||
| Fixed asset timing differences | (4) | — | ||||||
| Other timing differences | 10 | (15) | ||||||
| UK R&D tax credit | (12) | (6) | ||||||
| Other items | 7 | 5 | ||||||
| Adjustments in respect of prior periods | (24) | — | ||||||
|
44 | 43 | ||||||
Analysis of taxation charge: |
||||||||
| Trading activities |
84 | 76 | ||||||
| Non underlying items (note 7) |
(20) | (24) | ||||||
|
64 | 52 | ||||||