Annual Report 2020

Current tax:

Irish corporation tax

2.2

3.7

Foreign corporation tax

9.6

5.5

Adjustment in respect of previous years

(2.7)

(1.1)

9.1

8.1

Deferred tax:

Irish

0.6

0.3

Foreign

(7.2)

1.4

Adjustment in respect of previous years

-

(0.1)

(6.6)

1.6

Total income tax expense recognised in Income Statement

2.5

9.7

Relating to continuing operations

– continuing operations before exceptional items

12.3

10.8

– continuing operations exceptional items

(9.8)

(1.1)

Total

2.5

9.7

Profit before tax

11.6

81.8

Less: Group’s share of equity accounted investments’ profit after tax

(0.7)

(0.7)

Adjusted profit before tax

10.9

81.1

Tax at standard rate of corporation tax in the Republic of Ireland of 12.5%

1.4

10.1

Actual tax charge is affected by the following:

Expenses not deductible for tax purposes

10.8

1.6

Adjustments in respect of prior years

(2.7)

(1.2)

Income taxed at rates other than the standard rate of tax

(3.1)

0.1

Other differences

(4.1)

(2.7)

Non-recognition of deferred tax assets

0.2

1.8

Total income tax

2.5

9.7

Deferred tax arising on movement of derivatives designated as cash flow hedges

0.3

(0.3)

Deferred tax arising on revaluation of fixed assets reflected in revaluation reserve

0.1

-

Deferred tax arising on movement in retirement benefits

(0.7)

(0.3)

Total

(0.3)

(0.6)