Page 219 - Sigmaroc Annual-Report 2023

The differences between the total tax charge and the amount calculated by applying the standard UK corporation tax of 23.52% (2022: 19%) to the profit before tax of the Group are as follows:
Consolidated
219
31 December 2023 £’000
31 December 2022 £’000
27,997
6,579
5,405
(2,228)
(1,238)
-
3,318
784
(192)
12,428
Profit/(loss) on ordinary activities before tax
Current tax using the UK corporation tax rate of 23.5% (2022: 19.00%)
Effects of:
Expenses not deductible
Income not taxable
Recognition of previously unrecognised deferred tax Deferred tax not recognised
Adjustment to tax charge in respect of prior periods Effect of overseas tax rates
Changes in tax rates
Tax charge
42,723
8,117
1,475 (1,351) (757) 1,214 (785) 1,015 214 9,142
Legislation to increase the rate of corporation tax in the UK from 1 April 2023 was substantially enacted on 24 May 2021. The 25% rate has therefore been applied to any timing differences that are expected to reverse on or after 1 April 2023.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. However, this legislation does not apply to the Group in the financial year beginning 1 January 2024 as its consolidated revenue does not meet the legislation requirements of being greater than €750m in two of the four preceding years, the group will continue to monitor the legislation in future years.
Deferred Tax Asset
At 1 January 2023
Reclassification
Charged directly to income statement At 31 December 2023
Tax losses £’000
Temporary timing differences £’000
Total £’000
-
4,424
4,424
-
(4,424)
(4,424)
14
24
38
14
24
38