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70 8 Employees and directors Notes to the consolidated fi nancial statements Kingfi sher plc Annual Report and Accounts 2009/10 £ millions 2009/10 2008/09 Wages and salaries 1,178 1,101 Social security costs 229 214 Post employment benefi ts Defi ned contribution 4 6 Defi ned benefi t 22 23 Share-based payments 20 15 Employee benefi t expenses – continuing operations 1,453 1,359 Wages and salaries – 46 Social security costs – 15 Employee benefi t expenses – discontinued operations – 61 Employee benefi t expenses 1,453 1,420 Number thousands 2009/10 2008/09 Stores 76 79 Administration 4 4 Average number of persons employed – continuing operations 80 83 Stores – 2 Average number of persons employed – discontinued operations – 2 Average number of persons employed 80 85 The average number of persons employed excludes employees in the Group’s joint ventures and associates. Remuneration of key management personnel £ millions 2009/10 2008/09 Short term employee benefi ts 8.1 6.9 Post employment benefi ts 0.9 0.4 Termination benefi ts – 1.0 Share-based payments 4.1 2.4 13.1 10.7 Key management consists of the Kingfi sher plc Board and the Chief Executives of Kingfi sher UK, Kingfi sher France and Kingfi sher International. Further detail with respect to the directors’ remuneration is set out in the Directors’ remuneration report on pages 41 to 53. Other than as set out in the Directors’ remuneration report, there have been no transactions with key management during the year (2008/09: £nil).
Kingfi sher plc Annual Report and Accounts 2009/10 9 Income tax expense 71 £ millions 2009/10 2008/09 UK corporation tax Current tax on profi ts for the year 85 34 Adjustments in respect of prior years (7) (14) 78 20 Overseas tax Current tax on profi ts for the year 85 111 Adjustments in respect of prior years (1) 6 84 117 Deferred tax Current year 4 (41) Adjustments in respect of prior years 15 (8) 19 (49) Income tax expense – continuing operations 181 88 Factors affecting tax charge for the year The tax charge for the year differs from the standard rate of corporation tax in the UK of 28%. The differences are explained below: £ millions 2009/10 2008/09 Profi t before taxation – continuing operations 566 90 Profi t multiplied by the standard rate of corporation tax in the UK of 28% (2008/09: 28%) 158 25 Share of post-tax results of joint ventures and associates (7) 4 Expenses not deductible for tax purposes 17 11 Temporary differences: – Net gains on property (5) (4) – Losses not recognised 7 62 Foreign tax rate differences 4 6 Adjustments in respect of prior years 7 (16) Income tax expense – continuing operations 181 88 The effective rate of tax on profi t from continuing operations before exceptional items and excluding tax adjustments in respect of prior years is 30% (2008/09: 31%). Tax on exceptional items for the year is a charge of £7m, all of which relates to current year items. In 2008/09 tax on exceptional items was a credit of £7m, all of which related to current year items. The effective tax rate calculation is set out in the Financial review on page 22. In addition to the amounts charged to the income statement, tax of £55m has been credited directly to equity (2008/09: £35m credit), of which a £12m credit (2008/09: £2m charge) is included in current tax and a £43m credit (2008/09: £37m credit) is included in deferred tax. Kingfi sher paid €138m tax to the French tax authorities in the year ended 31 January 2004 as a consequence of the Kesa Electricals demerger and recorded this as an exceptional tax charge. Kingfi sher appealed against this tax liability and the tribunal found in favour of Kingfi sher in June 2009. As a result, on 7 September 2009 the Group received €169m (£148m) from the French tax authorities, representing a refund of the €138m and €31m of repayment supplement. The French tax authorities have appealed against this decision and therefore no income has been recognised in these fi nancial statements.
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