267694 EdinburghIT AR 2024 WEB - Flipbook - Page 68
66 / FINANCIAL REVIEW / THE EDINBURGH INVESTMENT TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS / CONTINUED
5. FINANCE COSTS
Finance costs arise on any borrowing facilities the Company has used. Borrowing facilities are the £120m (2023 £120m notes).
Please see Note 12 for additional details of the terms.
2024
Revenue
£’000
2023
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Interest payable on borrowings repayable
not by instalment:
– Commitment fees due on loan facility
–
–
–
4
8
12
– Interest on overdraft facility
3
6
9
1
2
3
– Debenture stock repayable within 1 year
–
–
–
1,235
2,883
4,118
– Unsecured Senior Loan Notes repayable
after 5 years
885
2,065
2,950
442
1,032
1,474
Amortised debenture stock discount and
issue costs
–
–
–
36
90
126
888
2,071
2,959
1,718
4,015
5,733
6. TAXATION
As an investment trust the Company pays no tax on capital gains. As the Company invests principally in UK equities, it has little
overseas tax and the overseas tax charge is the result of withholding tax deducted at source. This note also clarifies the basis
for the Company having no deferred tax asset or liability.
(a) Tax charge
Overseas taxation
2024
£’000
2023
£’000
316
781
2024
£’000
2023
£’000
132,021
43,024
33,005
8,175
(b) Reconciliation of tax charge
Return before taxation
Theoretical tax at the current UK Corporation Tax rate of 25% (2023: 19%)
Effects of:
– Non-taxable UK dividends
– Non-taxable UK special dividends
– Non-taxable overseas dividends
– Non-taxable gains on investments
– Non-taxable losses on foreign exchange
– Excess of allowable expenses over taxable income
– Disallowable expenses
(8,929)
(6,803)
(603)
(1,398)
(706)
(982)
(24,773)
(1,145)
10
36
1,993
2,116
3
1
– Overseas taxation
316
781
Tax charge for the year
316
781
