Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Income tax

v3.22.2.2
Income tax
12 Months Ended
Sep. 30, 2022
Income tax  
Income tax

7.    Income tax

   

2022

   

2021

   

2020

 

$'000

$'000

 

$'000

The tax (charge)/credit on the profit/(loss) on ordinary activities for the year was as follows:

 

  

 

  

Current tax

 

  

 

  

Current tax credit/(charge)

 

 

Deferred Tax

 

 

569

Income tax

 

 

569

Factors affecting tax charge/credit for the year

The tax assessed for the period is lower than (2021 - higher than; 2020 - lower than) the standard rate of corporation tax in the United Kingdom of 19% (2021 - 19%; 2020 - 19%). The differences are explained below:

   

2022

   

2021

   

2020

$'000

$'000

$'000

Profit / (Loss) from continuing operations

 

65,075

(271,729)

 

(1,137)

Tax at the applicable rate of 19% (2021 – 19%, 2020 – 19%)

 

12,364

(51,629)

 

(216)

Tax effect of income and expenses that are not taxable / deductible in determining profit

 

 

  

Disallowable expenditure

 

318

755

 

24

Difference in tax rate between UK and other jurisdictions

668

Fixed asset timing differences

 

 

(852)

Other differences

6

Unutilised losses

 

3,103

 

1,421

Difference in rates between current and deferred tax

(1,527)

Unutilised tax losses on which deferred tax is not recognised

 

6,077

1,991

 

192

Deferred tax not recognised in respect of share options

4,399

R&D tax credit

 

33

 

Additional deduction for R&D

(1,105)

Remeasurement of R&D

(1,322)

Fair valuation of warrants

(22,305)

18,637

Reverse acquisition expense

29,537

Total tax

 

 

569