Page 80 - Paragon Annual Report 2

76 | Group financial statements
Notes to the consolidated financial statements (continued) 9 Income tax charge
Income tax on the profit as shown in the Consolidated Income Statement is as follows:
Current tax
Current period
In respect of prior periods
Total current tax charge/(credit) Deferred tax current period Deferred tax prior periods
Total deferred tax credit (note 23)
Total income tax charge/(credit)
The charge /(credit) can be reconciled to the profit before tax as shown in the Consolidated Income Statement as follows:
Profit before tax
Tax calculated at a rate of 19.75% (2016 – 20%) Non-taxable income
Non-deductible expenses
Effect of changes in tax rates
Effect of unused tax losses from current year Effect of unused tax losses from prior year Effect of different tax rates of subsidiaries Foreign exchange differences
Adjustments in respect of prior periods
Total income tax charge/(credit)
Income tax on the profit as shown in the Consolidated Statement of Comprehensive Income is as follows:
Deferred tax (credit)/charge on origination and reversal of temporary differences (note 23)
929 (951) (22)
897 (2,272) (1,375)
(1,397)
5,350
1,070 (313)
– 47 974
(132) 206
(26) (3,223) (1,397)
42
2017
€000
2,064
(485)
2016
€000
1,579
106
(160)
(54)
1,525
2017
€000
13,701
2016
€000
2,706
(3,289)
1,441
1,335
(321)
292
(645)
–
6
1,525
2017
€000
(104)
2016
€000
The standard rate of UK corporation tax for the period was 19.75% (2016: 20%). A reduction in the rate to 19% from 1 April 2017 and 17% from 1 April 2020 were substantively enacted prior to the balance sheet date and have been applied to the Group’s UK deferred tax balance at the balance sheet date.
Paragon Group Limited – 05258175