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Taxation
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Income Tax Disclosure

22.       Taxation

The effective rate of tax for the three months to June 30, 2014 was -51% (2013: 24%) and for the six months to June 30, 2014 was -19% (2013: 22%).

The negative effective rate of tax in the three and six months to June 30, 2014 is due to the recognition of a net tax credit of $216.0 million following the settlement of certain tax positions with the Canadian revenue authorities. This net tax credit includes the release of provisions for uncertain tax positions including interest and penalties of $265.2 million partially offset by associated foreign tax credits.

Interest income of $18.6 million in respect of the cash deposited with the Canadian revenue authorities prior to the settlement has been recorded within interest income.

The Company considers it reasonably possible that certain audits for other territories could also be concluded in the next twelve months, and the total amount of unrecognized tax benefits at June 30, 2014 could decrease by approximately $12 million.