8
Taxation on Profit on Ordinary Activities
Current tax
Current year
5,161
Adjustment in respect of prior years
(304)
4,765
(563)
Total current tax charge
4,857
4,202
Deferred tax
Pension cost timing differences
1,006
Origination and reversal of other timing differences
178
Impact of changes in future tax rates (before discount)
—
Decrease in discount
2,181
Adjustment in respect of prior years
59
828
(543)
(3,240)
404
(305)
Total deferred tax charge/(credit)
3,424
(2,856)
Total tax charge
8,281
1,346
The tax charge for the year comprises:
2015
2014
£’000
£’000
The overall rate of tax for the Group, including deferred tax based on the profit before tax was 23.0% (2014: 3.8%).
The principal differences between the current corporation tax rate for the Group of 13.5% (2014: 12.0%), based on the profit before tax and the
standard rate of corporation tax of 21.0% (2014: 23.0% ) are as follows:
2015
2014
% %
Standard rate of corporation tax
Expenses not deductible for tax purposes (net)
Pension cost timing differences
Depreciation in excess of capital allowances (net)
Group relief received and not paid for
Adjustments in respect of prior years
Other timing differences
21.0
1.4
(2.9)
1.4
(8.1)
(0.8)
1.5
23.0
2.1
(2.7)
0.8
(10.6)
(1.6)
1.0
Current corporation tax rate for the year
13.5
12.0
69