Associated British Foods Results Presentation Deck
Tax
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7
Adjusted effective tax rate of 23.5% (2022: 22.2%)
Includes the impact on the blended tax rate for the full year of the increase in UK corporation tax rate from
19% to 25% in April 2023
Significant reduction in closing uncertain tax provision due to resolution of historic UK HMRC enquiries.
2023 closing balance £55m (2022: £102m)
Expect the Group's effective tax rate in 2024 to be broadly in line with 2023, including the full year impact of the
increase in UK corporate tax rate in April 2023 and changes to the mix of profits by jurisdiction
Cash tax increased in the year by £37m to £341m mainly driven by the increase in profit before tax in the year.
Reduced level of cash tax expected in 2024 due to favourable settlements of historical enquiries and returns
Associated
British Foods
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