- Part 20: For the preceding part double click ID:nRSb2520Ys
The mainstream corporation tax
charge for the half year (before
prior year adjustment) was £19.8m
(H1 2013/14 £27.0m) giving an
effective current tax rate of 20%
(H1 2013/14 24%) which is close to
the current UK statutory
corporation tax rate of 21%. The
reduced rate compared to last year
reflects the increase in
capitalised interest, increased
capital allowances and the 1%
reduction in the corporation tax
rate.
Before exceptional items deferred
tax for the half year was a debit
of £14.2m (H1 2013/14 credit
£28.2m).
The 2013/14 credit included a
credit of £40.1m from the impact
of the reductions in the rate of
corporation tax enacted in July