Notes to the


Analysis of tax credit in the year Current tax (see note below)


UK corporation tax credit on deficit for the year Adjustments in respect of prior periods Total current tax


Deferred tax (see note 10) Origination and reversal of timing differences


Tax on deficit on ordinary activities Factors affecting tax charge for the year


The tax assessed for the year is lower than (2011 - lower than) the standard rate of corporation tax in the UK of 26% (2011 - 28%). The differences are explained below:


2012 Deficit on ordinary activities before tax


Deficit on ordinary activitiesmultiplied by standard rate of corporation tax in the UK of 26% (2011 - 28%)


Effects of: Non deductible expenses for tax purposes


Capital allowances Marginal relief Adjustments to tax charge in respect of prior periods Current tax credit for the year (see note above)


In common with similar organisations, the company is taxed according to HMRC’s non-statutory arrangement for Trade Protection and similar associations.


(223,131) (58,014) 174,645 (154,754) 1,521 - (36,602) 2011 ££ (5,732) (1,605) 73,389 (160,488) 19,291 608 (68,805) (36,602) - (36,602) (69,413) 608 (68,805)


Financial Statements continued 6. TAXATION


2012


2011 ££


(4,036) (40,638)


71,741 2,936


14 Annual Report 2011-2012


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