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Taxation
9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Income Tax Disclosure

22.       Taxation

The effective rate of tax on income from continuing operations for the three months to September 30, 2014 was 11% (2013: 20%) and for the nine months to September 30, 2014 was -5% (2013: 21%).

The low effective rate of tax in the three and nine months to September 30, 2014 is primarily due to the recognition of a net tax credit of $27.7 million and $243.7 million respectively, 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 $26.5 million and $291.7 million respectively, partially offset by associated foreign tax credits.

Interest income for the three and nine months to September 30, 2014 of $2.8 million and $21.4 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 September 30, 2014 could decrease by approximately $20 million.