Professor Jim Stewart:

My understanding of what an effective tax rate is that it is the tax rate paid on profits. The actual tax paid over. It is not the tax charge nor the tax one pays on taxable profits because taxable profits are those profits after all of the deductions and that should be, if people can work out the arithmetic properly, 12.5%. I am trying to look at a measure of the effective tax rate on their profits. Does that answer Deputy Doherty's question?