Financial Statements
Strategic Report
Governance Report
Other Information
9. Taxation
The tax charge on profit for the year was as follows:
2024 £’000 6,221
2023 £’000 5,703
UK Corporation Tax at 25% (FY23: 20.5%)
514
Over provision in prior years
(834)
Total current tax Deferred tax credits
6,735
4,869 (1,189)
(1,788)
214
Under provision of deferred tax in prior years
410
Income tax expense
5,161
4,090
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the time apportioned tax rate applicable to profits of the consolidated entities in the UK as follows, split out between underlying and statutory profits:
Underlying profit adjustments £’000
Underlying profit £’000
Statutory profit £’000
Year ended 30 June 2024 Profit/(loss) before taxation
34,092
(22,474)
11,618
Profit/(loss) multiplied by the standard rate of tax in the UK of 25%
8,523
(5,619)
2,904
Tax effect of amounts that are not deductible/(taxable) in calculating taxable income: – Depreciation and amortisation
543
34
577
(6)
– – – 3
(6)
– Non-taxable income
(366)
(366)
– Overseas tax losses not available for UK tax purposes
(121)
(121)
– Lower tax rates in other jurisdictions in which the Group operates
316
319
– Disallowable expenses – Share-based payments
(1,676)
106
(1,570)
514
–
514
– Over provision in prior years
–
2,910
2,910 5,161
– Goodwill impairment
Income tax expense/(credit)
7,727
(2,566)
Effective tax rate
22.7%
n/a
44.4%
Brooks Macdonald Group plc Annual Report and Accounts 2024
127
Made with FlippingBook - professional solution for displaying marketing and sales documents online