2014
£m
Restated*
2013
£m
Continuing operations
Current taxation
UK corporation tax75.379.4
Foreign tax1.41.3
Adjustments in respect of prior years(141.0)(6.5)
Total current taxation (credit)/charge for the year(64.3)74.2
Deferred taxation
Current year40.5(3.0)
Adjustments in respect of prior years(13.3)5.8
27.22.8
Change in taxation rate(156.8)(53.0)
Total deferred taxation credit for the year(129.6)(50.2)
Total taxation (credit)/charge for the year(193.9)24.0

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.

The tables below reconcile the notional tax charge at the UK corporation tax rate to the effective tax rate for the year:

2014
£m
2014
%
Profit before taxation544.7
Taxation at the UK corporation tax rate of 23 per cent125.323.0
Adjustments in respect of prior years(154.3)(28.3)
Change in taxation rate(156.8)(28.8)
Net income not taxable/other(8.1)(1.5)
Total taxation credit and effective tax rate for the year(193.9)(35.6)
Restated*
2013
£m
Restated*
2013
%
Profit before taxation311.8
Taxation at the UK corporation tax rate of 24 per cent74.824.0
Adjustments in respect of prior years(0.7)(0.2)
Change in taxation rate(53.0)(17.0)
Net expenses not taxable/other2.90.9
Total taxation charge and effective tax rate for the year24.07.7

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.

The current taxation charge of £76.7 million for the year ended 31 March 2014 represents a current taxation effective rate of 14 per cent compared with 26 per cent for the year ended 31 March 2013. The reduction is principally due to fair value movements, which give rise to a corresponding current year deferred taxation charge. In addition, there is a current taxation credit of £141.0 million (see Financial performance for further information), and an associated deferred taxation credit of £13.3 million relating to recently agreed matters in relation to prior years.

The deferred taxation credit for the year ended 31 March 2014 includes a credit of £156.8 million to reflect the staged reductions in the mainstream rate of corporation tax from 23 per cent in the year ended 31 March 2014 to 20 per cent effective from 1 April 2015. A related deferred taxation credit of £0.5 million is included within items taken directly to equity.

The deferred taxation credit for the year ended 31 March 2013 includes a credit of £53.0 million to reflect the change enacted on 3 July 2012 to reduce the mainstream rate of corporation tax from 24 per cent to 23 per cent effective from 1 April 2013. A related deferred taxation charge of £0.9 million is included within items taken directly to equity.

Taxation on items taken directly to equity

Continuing operations2014
£m
Restated*
2013
£m
Current taxation
Relating to other pension movements(1.9)(15.6)
Deferred taxation (see note 20)
On remeasurement (losses)/gains on defined benefit pension schemes(40.2)8.1
Relating to other pension movements1.715.0
Change in taxation rate(0.5)0.9
(39.0)24.0
Total taxation (credit)/charge on items taken directly to equity(40.9)8.4

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.