BT 2013 Annual Report Download - page 125

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123
Financial statements
Financial statements
10. Taxation continued
Tax components of other comprehensive income
2013 2012 2011
Tax Tax Tax
(expense) (expense) (expense)
credit credit credit
Year ended 31 March £m £m £m
Tax on items that will not be reclassified to the income statement
Actuarial gains or losses relating to retirement benefit obligations 805 600 (1,534)
Tax on items that may be reclassified subsequently to the income statement
Exchange differences on translation of foreign operations 10 (1) 18
Fair value movements on cash flow hedges
—net fair value gains or losses (25) 10 (124)
—recognised in income and expense 39 (32) 119
829 577 (1,521)
Current tax credita133 566 25
Deferred tax credit (expense) 696 11 (1,546)
829 577 (1,521)
aIncludes £128m (2011/12: £565m, 2010/11: £nil) relating to actuarial losses arising from retirement benefit obligations.
Tax credit recognised directly in equity
2013 2012 2011
Year ended 31 March £m £m £m
Tax credit relating to share-based payments 68 17 91
Deferred taxation
Retirement Share-
Excess capital benefit based Jurisdictional
allowances obligationsapayments Other offset Total
£m £m £m £m £m £m
At 1 April 2011 1,437 (461) (149) (76) – 751
(Credit) recognised in the income statement (95) (79) (1) (74) – (249)
(Credit) expense recognised in other comprehensive income – (36) – 25 – (11)
(Credit) recognised in equity – – (17) – – (17)
At 31 March 2012 1,342 (576) (167) (125) – 474
Non-current
Deferred tax asset (70) (576) (167) (135) 322 (626)
Deferred tax liability 1,412 – – 10 (322) 1,100
At 1 April 2012 1,342 (576) (167) (125) – 474
Expense (credit) recognised in the income statement 75 (61) 2 (13) – 3
Expense (credit) recognised in other comprehensive income 1 (677) – (20) – (696)
(Credit) recognised in equity – – (19) – – (19)
Acquisitions – – – 9 – 9
At 31 March 2013 1,418 (1,314) (184) (149) – (229)
Non-current
Deferred tax asset (74) (1,314) (184) (187) 321 (1,438)
Deferred tax liability 1,492 – – 38 (321) 1,209
At 31 March 2013 1,418 (1,314) (184) (149) – (229)
aIncludes a deferred tax asset of £1m (2011/12: £1m) arising on contributions payable to defined contribution pension plans.
Deferred tax balances for which there is a right of offset within the same jurisdiction are presented net on the face of the group balance sheet as
permitted by IAS 12, with the exception of deferred tax related to BT’s pension schemes which are disclosed within deferred tax assets.
At 31 March 2013, all of the deferred tax asset of £1,438m (2011/12: £626m) and all of the deferred tax liability of £1,209m (2011/12: £1,100m)
are expected to be recovered or settled after more than one year.