Table:
| £m | 2019 | 2018 |
| --- | --- | --- |
| Loss before tax, joint ventures and associates | (1,856.8) | (1,139.6) |
| Loss before tax multiplied by the standard rate of tax in the UK of 19% (2018: 19%) | (352.8) | (216.6) |
| Exempt property rental profits and revaluations | 307.0 | 214.9 |
|  | (45.8) | (1.7) |
| Tax on shortfall of minimum PID | 22.1 | – |
| Additions and disposals of property and investments | 7.1 | 0.3 |
| Non-deductible and other items | 3.4 | 3.4 |
| Overseas taxation | (3.4) | (0.4) |
| Unprovided deferred tax1 | 22.4 | (7.3) |
| Total tax expense/(credit) | 5.8 | (5.7) |
Paragraphs:
10 Taxation (continued)
The tax expense for 2019 is higher and the tax credit for 2018 is lower than the standard rate of corporation tax in the UK. The differences are explained below:
1 The unprovided deferred tax predominantly relates to revenue losses, property fair values and derivative fair values.
Factors that may affect future current and total tax charges
Management uses judgement in assessing compliance with REIT legislation
The Group believes it continued to operate as a UK REIT throughout the year, under which any profits and gains from the UK property investment business are exempt from corporation tax, provided certain conditions continue to be met. The Group believes that these UK REIT conditions have been fulfilled throughout the year.
In view of the announced short-term reduction of dividends there will be an underpayment of the minimum PID, and therefore under REIT legislation, the Group will incur UK corporation tax payable at 19 per cent while remaining a REIT.
The ongoing current tax expense in the year of £16.0 million includes £15.7 million relating to corporation tax on the estimated current period underpayment of the minimum PID. This amount has been included within the Group’s measure of underlying earnings as it relates to a tax expense on current year UK rental income.
The UK exceptional current tax expense in the year of £6.4 million represents in full the corporation tax arising in the current year in respect of the prior year underpayment of the minimum PID. This one-off tax expense in respect of prior year profits has been classified as exceptional (see accounting policy in note 2) based on its incidence, and so is excluded from the Group’s measure of underlying earnings.
Question:
What is the UK corporation tax payable incurred by the Group?
Answer: 19 per cent