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Half Year Report 2012/13

5 Taxation

The total Group tax charge for the 26 weeks to 29 September 2012 of £12,590,000 (26 weeks to 1 October 2011: £11,646,000; 52 weeks to 31 March 2012: £25,260,000) comprises a current tax charge of £13,130,000 (26 weeks to 1 October 2011: £11,457,000; 52 weeks to 31 March 2012: £25,409,000) and a deferred tax credit of £540,000 (26 weeks to 1 October 2011: charge of £189,000; 52 weeks to 31 March 2012: credit of £149,000). The tax charge is based on the estimated effective tax rate for the year.

The tax charge includes £9,501,000 (26 weeks to 1 October 2011: £7,903,000; 52 weeks to 31 March 2012: £15,635,000) in respect of overseas tax.

Deferred tax assets have been recognised at the rate at which they are expected to reverse. In the UK, this is at the standard rate
of corporation tax, which from 1 April 2013 will reduce from 24% to 23%. This reduction in rate has resulted in a credit to the deferred tax asset of £282,000, of which £406,000 was charged to Other Comprehensive Income and £124,000 credited to
the Income Statement.