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ELN » Topics » 8 INCOME TAX

This excerpt taken from the ELN 6-K filed Aug 28, 2009.
8  INCOME TAX
 
The components of the current tax expense for the years ended 30 June were as follows:
 
                 
    Six Months Ended
 		 
    30 June  
    2009     2008  
    $m     $m  
 
Current year expense
    3.1       3.4  
Deferred tax expense — origination and reversal of temporary differences
    24.3       0.6  
                 
Total income tax expense
    27.4       4.0  
                 
 
The income tax expense of $27.4 million for the first half of 2009 (2008: $4.0 million), reflects tax at standard rates in the jurisdictions in which we operate, the availability of tax losses, foreign withholding tax and exempt income derived from Irish patents.
 
The deferred tax expense of $24.3 million for the first half of 2009 (2008: $0.6 million) primarily relates to the utilisation of tax benefits relating to U.S. deferred tax assets (DTA).
 
                                 
    Balance
 		                   
    1 January
 		    Recognised
 		    Recognised
 		    Balance
 		 
    2009     In Income     In Equity     30 June 2009  
    $m     $m     $m     $m  
 
Deferred taxation liabilities
    (7.1 )     —       —       (7.1 )
Deferred taxation assets
    395.7       (24.3 )     (5.9 )     365.5  
                                 
Net deferred taxation asset
    388.6       (24.3 )     (5.9 )     358.4  
                                 
 
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