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11 Tax
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The charge for tax assumes an effective UK corporation tax rate of 30% (1999 30.25%, 1998 31%) and comprises:
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2000 |
1999 |
1998 |
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£m |
£m |
£m |
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 |
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Current tax: |
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UK |
719 |
427 |
374 |
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Overseas |
219 |
271 |
162 |
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Total current tax |
938 |
698 |
536 |
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Deferred tax charge/(credit): |
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UK |
14 |
(19) |
(24) |
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Overseas |
(7) |
(33) |
4 |
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Total deferred tax |
7 |
(52) |
(20) |
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Associated undertakings and joint ventures, including overseas tax |
(1) |
(2) |
4 |
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of £2m (1999 £2m, 1998 £3m) |
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Total charge |
944 |
644 |
520 |
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Analysis of deferred tax charge/(credit) |
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Leasing transactions: |
14 |
4 |
10 |
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Short-term and other timing differences |
(7) |
(56) |
(30) |
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7 |
(52) |
(20) |
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Current tax includes tax of £48m (1999 £7m, 1998 £25m) on the shareholders’ interest in the long-term assurance fund.
Comparative figures have been restated for the adoption of FRS 16.
Available overseas tax credits of £194m (1999 £118m, 1998 £17m) have been applied to reduce UK tax in accordance with
UK legislation.
Further information is provided in the tax section in Results by nature of income and expense of the Financial review.
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