On the IFRS basis, the reported rate of tax credit attributable to equity holders was 24% (2007: tax charge 19%). The decrease is due to losses arising during the year giving rise to an asset for current and deferred tax purposes. The rate of tax credit is less than the full rate of tax for the year (28.5%) due to investment losses not being fully recognised for deferred tax purposes.
On the EEV basis, the reported rate of tax was a credit of 24% (2007: a tax charge of 26%). Movements in UK EEV were predominantly grossed up at 28% (2007: 28%), the UK corporation tax rate expected to be in force for the majority of the projection period.