13. Tax Charge

Group Note 2014
€’000
2013
€’000
Current tax
Irish corporation tax
(2) (35)
Deferred tax
On fair value gains / (losses) on derivatives 40,495 (28,942)
On unutilised tax losses forward 27 (92,568) (40,825)
Total deferred tax recognised in income statement (52,073) (69,767)

Total tax charge (52,075) (69,802)

The reconciliation of tax on profit at the relevant Irish corporation rate to the Group’s actual tax charge for the year is as follows:

Reconciliation of tax on profits
Group 2014
€’000
2013
€’000
Profit before tax 510,355 283,404
Tax calculated at a tax rate of 25% 127,589 70,851

Effect of:
Non-deductible derivative movements - (26,090)
Deductible derivative movements 29,912 -
Tax on interest income (31) (31)
Non-deductible (income) / expenses (64,218) 141
Utilised tax losses forward (93,212) (44,836)
Movement in deferred tax (liability) / asset recognised (40,495) 28,942
Movement in deferred tax recognised on tax losses 92,568 40,825
Refund in respect of the prior year (38) -
Taxation (credit) / charge 52,075 69,802

The current tax charge of €0.002m (2013: €0.04m) arises on the profits earned by NAMAIL. No other tax charges arose in other NAMA Group entities and the Agency is exempt from Irish income tax, corporation tax and capital gains tax.

The corporation tax rate applicable to the majority of the Group’s income is 25% with the exception of NAMAIL, where the applicable tax rate is 12.5%.

The Group and Agency have no tax-related contingent liabilities and contingent assets in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. No significant effects arise from changes in tax rates or tax laws after the reporting period.