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An interest ceiling maximises the tax deduc- tion accumulated for fair value adjustments of hedging instruments recognised in other com- prehensive income. Tax on such adjustments therefore fluctuates from year to year. 

Adjustment to tax for previous years of DKK 0m (2012: DKK 83m) is included in the tax benefit/expense for hedging instruments. 

## 6.1 ACCOUNTING POLICIES 

Tax for the year comprises current tax and chang- es in deferred tax for the year, including changes as a result of a change in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to items recognised directly in other comprehensive income is recognised in other comprehensive income. 

If the Group obtains a tax deduction on computa- tion of the taxable income in Denmark or in foreign jurisdictions as a result of share-based payment programmes, the tax effect of the programmes is recognised in tax on the profit/loss for the year. However, if the total tax deduction exceeds the total tax expense, the tax benefit for the excess deduction is recognised in other comprehensive income. 

## CORPORATION TAX 

<img src='content_image/237952.jpg'>

## TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME 

<img src='content_image/237953.jpg'>

