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Income tax credit/(expense) | 6 Months Ended
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Dec. 31, 2021
Income tax credit/(expense) |
Income tax credit/(expense) | 11 Income tax credit/(expense) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | 31 December | ​ | 31 December
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | £’000 | ​ | £’000 | ​ | £’000 | ​ | £’000
Current tax |  |  | ​ |  |  |  |  |
Current tax on loss/profit for the period |  | (60) | ​ | (5,485) |  | (117) |  | (8,021)
Foreign tax |  | (17) | ​ | 335 |  | (352) |  | (1,001)
Adjustment in respect of previous years |  | — | ​ | (562) |  | — |  | (562)
Total current tax expense |  | (77) | ​ | (5,712) |  | (469) |  | (9,584)
Deferred tax |  | ​ | ​ | ​ |  | ​ |  | ​
Origination and reversal of temporary differences |  | 742 | ​ | 9,262 |  | 5,415 |  | 13,249
Re-measurement of US deferred tax asset | ​ | — | ​ | (7,893) | ​ | — | ​ | (11,203)
Total deferred tax credit |  | 742 | ​ | 1,369 |  | 5,415 |  | 2,046
Total income tax credit/(expense) |  | 665 | ​ | (4,343) |  | 4,946 |  | (7,538)
​ Tax is recognized based on management’s estimate of the weighted average annual tax rate expected for the full financial year. Based on current forecasts, the estimated weighted average annual tax rate used for the year to 30 June 2022 is 23.43% (30 June 2021: 6.58%). 11 Income tax credit/(expense) (continued) ​ The current year estimated weighted average annual tax rate of 23.43% is driven by UK deferred tax movements, recognized at the substantively enacted increase in UK Corporation tax rate of 25%, effective April 2023. The prior year estimated weighted average annual tax rate of 6.58% is impacted by a one-off UK tax deduction related to foreign exchange losses. The total prior year income tax expense also includes one-off charges, largely in respect of foreign exchange gains, which are not reflected in the estimated weighted average annual tax rate. In addition to the amounts recognized in the statement of profit or loss, the following amounts relating to tax have been recognized in other comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | 31 December | ​ | 31 December
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | £’000 | ​ | £’000 | ​ | £’000 | ​ | £’000
Current tax |  | — | ​ | 35 |  | — |  | (2,074)
Deferred tax (note 18) |  | (350) | ​ | (202) |  | (291) |  | 1,864
Total income tax expense recognized in other comprehensive income |  | (350) | ​ | (167) |  | (291) |  | (210)
​

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2020-01-01 + Details
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