Table:
|  | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2 |
| --- | --- | --- |
|  | $M | $M |
| Profit / (loss) for the year before taxation | 53.6 | (41.0) |
| Loss for the year before taxation multiplied by the standard rate of corporation tax in the UK of 19% (2018: 19%) | 10.2 | (7.7) |
| Effects of: |  |  |
| Adjustments in respect of previous years | 0.8 | 7.1 |
| Change in tax rate during the year | 1.4 | 3.6 |
| Expenses not deductible for tax purposes | 11.8 | 9.4 |
| Losses not recognised | (0.9) | – |
| Higher tax rates on overseas earnings | 7.7 | 3.8 |
| Research and development and other tax credits | (1.9) | (0.6) |
| Impact of US tax reform on deferred tax | – | 5.4 |
| Other movements | (2.4) | (1.1) |
| Charge for taxation on profit / (loss) for the year | 26.7 | 19.9 |
Paragraphs:
The following table reconciles the theoretical corporation tax expense to the reported tax expense using the UK corporation tax rate. The reconciling items represent the impact of rate differentials in tax jurisdictions and the impact of non-taxable benefits and non-deductible expenses arising from differences between the local tax base and the reported Financial Statements.
The Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-poli
The Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-policyfy19. pdf and is aligned to its business strategy and operational needs. Oversight of taxation is within the remit of the Audit and Risk Committee. The Chief Financial Officer is responsible for tax strategy supported by a global team of tax professionals. Sophos strives for an open and transparent relationship with all revenue authorities and is vigilant in ensuring that the Group complies with current tax legislation. The Group proactively seeks to agree arm’s length pricing with tax authorities to mitigate tax risks of significant cross-border operations. The Group actively engages with policy makers, tax administrators, industry bodies and international institutions to provide informed input on proposed tax measures, so that it and they can understand how those proposals would affect the Group. However, a tax authority may seek adjustment to the filing position adopted by a Group company and it is accepted that interpretation of complex regulations may lead to additional tax being assessed. Uncertain tax positions are monitored regularly and a provision made in the accounts where appropriate.
Question:
What is the Chief Financial Officer responsible for?
Answer: responsible for tax strategy supported by a global team of tax professionals. Sophos strives for an open and transparent relationship with all revenue authorities and is vigilant in ensuring that the Group complies with current tax legislation.