|
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 |
|