Barclays 2006 Annual Report Download - page 188

Notes to the accounts
For the year ended 31st December 2006
Barclays PLC
Annual Report 2006
184
21 Current and deferred tax
The components of taxes are as follows:
2006 2005
Assets Liabilities Assets Liabilities
£m £m £m £m
Current tax
United Kingdom 420 481 – 484
Overseas 137 539 – 263
Current tax 557 1,020 – 747
Deferred tax
United Kingdom 1,613 1,111 1,425 1,517
Overseas 392 412 284 206
Deferred tax 2,005 1,523 1,709 1,723
Deferred taxes are calculated on all temporary differences under the liability method. The movement on the deferred tax account is as follows:
2006 2005
£m £m
At beginning of year (14) 244
Income statement (charge)/credit (4) 85
Equity
Available for sale investments 410
Cash flow hedges 128 (112)
Share-based payments 24 101
Other equity movements 48 (24)
Acquisitions and disposals 264 (199)
Exchange and other adjustments 32 (119)
At end of year 482 (14)
Deferred tax assets and liabilities are attributable to the following items:
2006 2005
£m £m
Deferred tax liabilities
Accelerated tax depreciation 705 883
Available for sale investments 116 119
Cash flow hedges –138
Other 702 583
Deferred tax liabilities 1,523 1,723
Deferred tax assets
Pensions and other retirement benefits 622 609
Allowance for impairment on loans 69 41
Other provisions 436 342
Cash flow hedges 91 44
Tax losses carried forward 126
Share-based payments 380 232
Other 406 415
Deferred tax assets 2,005 1,709
Net deferred tax asset/(liability) 482 (14)
Disclosed as deferred tax liabilities 282 700
Disclosed as deferred tax assets 764 686
Net deferred tax asset/(liability) 482 (14)