7. Taxation

2013
£m
2012
£m
Current tax:
UK corporation tax on profits of the year159.3160.1
Adjustments in respect of previous years(8.1)(12.6)
151.2147.5
Overseas tax:
On profits of the year2.82.7
Adjustments in respect of previous years(0.1)
Total current tax153.9150.2
Deferred tax:
Origination and reversal of temporary differences(0.1)(7.8)
Adjustments in respect of previous years4.13.2
Tax expense reported in the consolidated income statement157.9145.6
Allocated to:
Continuing operations157.9145.3
Discontinued operations0.3
157.9145.6

£9.4m (2012: £2.4m) of the total tax charge relates to exceptional items (see Note 6). Adjustments in respect of previous years relate to release of provisions for items subsequently agreed with HM Revenue & Customs and overseas tax authorities.

The tax rate for the current year varied from the standard rate of corporation tax in the UK due to the following factors:

2013
%
2012
%
UK corporation tax rate24.326.3
Non-deductible expenses/(non-taxable income)1.0(0.5)
Deferred tax not previously recognised: property development losses(0.2)
Overseas tax differentials(0.7)(0.5)
Tax over-provided in previous years(0.6)(1.5)
Deferred tax rate change(0.1)(0.3)
Effective total tax rate on profit before taxation23.723.5

The effective tax rate stated above is based on total profit including exceptional items and discontinued operations.

In addition to the amount charged to the income statement, tax movements recognised through equity were as follows:

2013
£m
2012
£m
Current tax:
Pension benefit obligation(2.7)
Deferred tax:
Pension benefit obligation(3.2)(8.3)
Fair value movements on derivative instruments(1.0)3.8
Tax credit in the statement of comprehensive income(6.9)(4.5)
2013
£m
2012
£m
Current tax:
Share-based payments(8.1)(12.3)
Deferred tax:
Share-based payments(11.2)
Tax credit in the statement of changes in equity(19.3)(12.3)
Deferred taxation2013
£m
2012
£m
Accelerated capital allowances17.522.9
Revaluation of derivatives to fair value2.32.4
Pension benefit obligations15.18.8
Share-based payments(28.0)(15.8)
Other temporary differences(2.9)(2.9)
4.015.4

The deferred tax movement in the year is as follows:

2013
£m
2012
£m
At January 201215.423.4
Charged to the income statement:
Accelerated capital allowances(5.4)(5.8)
Revaluation of derivatives to fair value0.9(0.3)
Pension benefit obligations9.52.0
Share-based payments(1.0)(2.2)
Other temporary differences1.8
Recognised in the statement of comprehensive income(4.2)(4.5)
Recognised in the statement of changes in equity(11.2)
Disposal of subsidiaries1.0
At January 20134.015.4

No recognition has been made of the following deferred tax assets:

Gross
value 2013
£m
Unrecognised
deferred
tax
2013
£m
Gross
value
2012
£m
Unrecognised
deferred
tax
2012
£m
Property development trading losses5.41.4
Capital losses83.019.188.522.1
83.019.193.923.5

The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group's capital assets.