7. Taxation

For the period

	52 weeks to 30 March 2012 £m	52 weeks to 1 April 2011 £m
Current taxation
UK corporation tax charge for the period	26.7	35.7
Adjustment in respect of prior periods	(0.8)	(4.1)
	25.9	31.6
Deferred taxation
Origination and reversal of timing differences	(0.7)	(0.2)
Adjustment in respect of prior periods	0.5	1.2
	(0.2)	1.0
Total tax charge for the period	25.7	32.6

The tax charge is reconciled with the standard rate of UK corporation tax as follows:

For the period

	52 weeks to 30 March 2012 £m	52 weeks to 1 April 2011 £m
Profit before tax	94.1	118.1
UK corporation tax at standard rate of 26% (2011: 28%)	24.5	33.1
Factors affecting the charge for the period:
Depreciation on expenditure not eligible for tax relief	1.7	1.2
Employee share options	0.5	1.2
Non-taxable income	(1.3)	(0.7)
Other disallowable expenses	0.5	0.7
Adjustment in respect of prior periods	(0.3)	(2.9)
Impact of change in tax rate on deferred tax balance	0.1	—
Total tax charge for the period	25.7	32.6

The 2011 Budget on 23 March 2011 announced that the UK corporation tax rate will reduce to 23% over a period of four years from 2011. The first reduction in the UK corporation tax rate from 28% to 27% (effective from 1 April 2011) was substantively enacted on 20 July 2010, and further reductions to 26% (effective from 1 April 2011) and 25% (effective from 1 April 2012) were substantively enacted on 29 March 2011 and 5 July 2011 respectively.

The 2012 Budget on 21 March 2012 announced a further reduction in the corporation tax rate to 24% (effective from 1 April 2012). This was substantively enacted on 26 March 2012. Further rate reductions in future periods will reduce the UK corporation tax rate to 22% over the next two years. This will reduce the Company's future current tax charge accordingly.

The deferred tax liability at 30 March 2012 has been calculated based on future rate of 24% which was substantively enacted at the balance sheet date.

It has not yet been possible to quantify the full anticipated effect of the announced further 2% rate reduction, although this will further reduce the Company's future current tax charge and reduce the Company's deferred tax liability accordingly.

In this financial period, the UK corporation tax standard rate was 26% (2011: 28%).

The effective tax rate of 27.3% (2011: 27.6%) differs from the UK corporation tax rate principally due to the non-deductibility of depreciation charged on capital expenditure, tax charges arising from the settlement of obligations associated with the Focus lease provision and other permanent differences arising in the period.

The tax charge of £25.7m (2011: £32.6m) includes a charge of £0.9m (2011: credit of £2.1m) in respect of tax on non-recurring items, as detailed in note 5.

An Income tax charge of £0.3m (2011: £1.1m credit) on other comprehensive income relates to the fair value of forward currency contracts outstanding at the year-end. No other items within other comprehensive income have a tax impact.