Jupiter Annual Report 2010 - Jupiter Asset Management

Financial statements – continuation | Notes to the financial statements
12. Income tax expense/(credit)
Tax expense/(credit) for the period
Current taxation
UK corporation tax:
2010
£m
2009
£m
Current period 21.4 2.1
Prior period adjustment (0.3) (6.6)
21.1 (4.5)
Deferred taxation
Origination and reversal of temporary differences (see deferred tax note) (10.6) 3.1
Prior period adjustment (0.6) –
Total tax expense/(credit) 9.9 (1.4)
The UK corporation tax rate for the period ended 31 December 2010 was 28 per cent. (2009: 28 per cent.). The tax charge in the period is lower
(2009: lower) than the standard rate of corporation tax in the UK and the differences are explained below:
Factors affecting tax expense/(credit) for the period
2010
£m
2009
£m
Profit before taxation 42.4 7.2
Taxation at the standard corporation tax rate 11.9 2.0
Other permanent differences (1.9) (1.7)
Non taxable income (0.3) (0.9)
Disallowable expenses 2.0 1.2
Adjustment to tax charge in respect of prior years (current tax) (0.3) (6.7)
Adjustment to tax charge in respect of prior years (deferred income tax) (0.6) 4.7
Impact of tax rate change on deferred tax balances (0.9) –
Total tax expense/(credit) 9.9 (1.4)
In the year ended 31 December 2010, subsidiaries of the Group have unused capital tax losses for which no deferred income tax asset has been
recognised in the balance sheet amounting to £nil (2009: £5.2m).
13. Dividends
There were no interim dividends paid in 2010 (2009: nil). A final dividend of £20.7m (4.7p per share) in respect of the year ended 31 December 2010
(2009: nil) will be proposed at the Annual General Meeting on 18 May 2011.
Annual Report & Accounts 2010 75 Jupiter Fund Management plc