Annual Report & Accounts 2017/18

134 NI Water Annual Report and Accounts 2017/18 Statutory Accounts F Taxation This section sets out information about the total tax charge and tax liabilities, including current and deferred tax. The current tax charge is the tax payable on this year’s taxable profits. Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences in the accounting and tax bases of profit. For further information on the relevant accounting policies applied in this section please see section G1. F1 Taxation Group Income tax expense Year to 31 March 2018 £000 Year to 31 March 2017 £000 Tax recognised in profit or loss current tax expense Current year 182 (187) Adjustment for prior years (5) 17 Total 177 (170) Deferred tax Origination of of temporary differences (20,109) (20,404) Adjustment to prior years (188) (10) Reduction in tax rate (20% to 18%) (2015: no rate change) 2,028 13,984 Total (18,269) (6,430) Total income tax (expense)/credit (18,092) (6,600) Tax recognised in other comprehensive income For the year ended 31 March Group Year to 31 March 2018 Year to 31 March 2017 Before tax £000 Tax benefit/ (expense) £000 Net of tax £000 Before tax £000 Tax (expense)/ benefit £000 Net of tax £000 Defined benefit plan actuarial gains/(losses) 49,614 (8,434) 41,180 (56,179) 9,558 (46,621) Shares not held for trading – revaluation (loss)/ gain (13) - (13) 14 - 14 Total 49,601 (8,434) 41,167 (56,165) 9,558 (46,607)