A.G. BARR p.l.c. Annual Report and Accounts 2023Notes to the Accounts continued8.Taxation continuedThe tax on the Group's profit before tax differs from the amount that would arise using the tax rate applicable to the consolidated profits of the Group as follows:2023£m2023%2022£m2022%Profit before taxTax at 19% (2022: 19.0%)Tax effects of:Items that are not deductible in determining taxable profitCurrent tax adjustment in respect of prior yearsDeferred tax adjustment in respect of prior yearsDeferred tax adjustment in respect of change in corporation tax rates44.48.419.042.28.019.02.10.7(0.7)–4.61.6(1.6)–0.4(0.3)0.65.70.9(0.7)1.413.5Total tax expense10.523.614.434.1The weighted average tax rate was 23.6% (2022: 34.1%).In March 2021, the UK Government announced that the corporation tax rate would increase from 19% to 25% effective from 1 April 2023, which was substantively enacted on24 May 2021. The impact of this was a one-off increase in the deferred tax charge of £5.7m. The Finance Act 2022, which received Royal Assent on 24 February 2022, will nothave any impact on the corporation tax figures.9.Earnings per shareBasic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent by the weighted average number of shares in issue during theyear, excluding shares held by the employee share scheme trusts.Profit attributable to equity holders of the Company (£m)Weighted average number of ordinary shares in issueBasic earnings per share (pence)2023202233.9111,258,20927.9111,187,77830.4725.09For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. Theserepresent share options granted to employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year. The numberof shares as calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options.20232022Profit attributable to equity holders of the Company (£m)Weighted average number of ordinary shares in issueAdjustment for dilutive effect of share options33.9111,258,209920,51227.9111,187,778657,074Diluted weighted average number of ordinary shares in issue112,178,721111,844,85230.2224.95Diluted earnings per share (pence)158
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