| Income tax |
7. Income tax
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
2019 |
|
|
$ |
|
$ |
|
$ |
The tax (charge)/credit on the profit/(loss) on ordinary activities for the year was as follows: |
|
|
|
|
|
|
Current tax |
|
|
|
|
|
|
Current tax credit/(charge) – R&D |
|
— |
|
— |
|
821,350 |
Deferred Tax |
|
— |
|
568,534 |
|
(567,632) |
Income tax credit |
|
— |
|
568,534 |
|
253,718 |
7. Income tax (continued)
Factors affecting tax charge/credit for the year
The tax assessed for the period is higher than (2020 - lower than; 2019 - lower than) the standard rate of corporation tax in the United Kingdom of 19% (2020 - 19%; 2019 - 19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
2019 |
|
|
$ |
|
$ |
|
$ |
(Loss) / Profit from continuing operations |
|
(271,729,101) |
|
(1,136,853) |
|
783,847 |
Tax at the applicable rate of 19% (2020 – 19%, 2019 – 19%) |
|
(51,628,512) |
|
(216,002) |
|
148,931 |
Tax effect of income and expenses that are not taxable / deductible in determining profit |
|
|
|
|
|
|
Disallowable expenditure |
|
754,359 |
|
24,013 |
|
60,122 |
Fixed asset timing differences |
|
— |
|
(852,403) |
|
(708,247) |
Unutilised losses |
|
3,103,171 |
|
1,420,938 |
|
140,615 |
Tax losses surrendered for R&D credit |
|
— |
|
— |
|
(209,053) |
Unutilised tax losses on which deferred tax is not recognised |
|
1,990,522 |
|
191,988 |
|
— |
R&D tax credit |
|
33,251 |
|
— |
|
821,350 |
Additional deduction for R&D |
|
(1,104,676) |
|
— |
|
— |
Remeasurement of R&D |
|
(1,322,616) |
|
— |
|
— |
Fair valuation of warrants |
|
18,637,113 |
|
— |
|
— |
Reverse acquisition expense |
|
29,537,388 |
|
— |
|
— |
Total tax credit |
|
— |
|
568,534 |
|
253,718 |
|