Just group PLC | Annual Report and accounts 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
7 INCOME TAX
Year ended 31 December 2022 £m
Year ended 31 December 2021 £m
Current taxation Current year
–
0.8
8.5 8.5
Adjustments in respect of prior periods
(0.4)
Total current tax
0.4
Deferred taxation Deferred tax recognised for losses in period Origination and reversal of temporary differences
(84.4)
–
(2.6) (8.4)
(5.7)
Adjustment in respect of prior period
–
1.2
Remeasurement of deferred tax - change in UK tax rate
(0.3) (6.0) (5.6)
Total deferred tax
(94.2) (85.7)
Total income tax recognised in profit or loss
Deferred tax assets are recognised at the rate at which they are expected to be utilised. On 3 March 2021, the Government announced an increase in the rate of corporation tax to 25% from 1 April 2023. The change in tax rate was substantively enacted in May 2021. Reconciliation of total income tax to the applicable tax rate Year ended 31 December 2022 £m Year ended 31 December 2021 £m Loss on ordinary activities before tax (317.4) (21.4) Income tax at 19%, (2021: 19%) (60.3) (4.1) Effects of: Expenses not deductible for tax purposes 1.4 1.0 Remeasurement of deferred tax - change in UK tax rate 1.2 (0.3) Unrecognised deferred tax asset – 0.1 Impact of future tax rate on tax losses (23.3) – Adjustments in respect of prior periods 0.1 (0.4) Other (4.8) (1.9) Total income tax recognised in profit or loss (85.7) (5.6)
Income tax recognised in other comprehensive income
Year ended 31 December 2022 £m
Year ended 31 December 2021 £m
0.2 0.2 0.2
Revaluation of land and buildings
– – –
Total deferred tax
Total income tax recognised in other comprehensive income
150
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