Experian 2012 Annual Report Download - page 142

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140 Experian Annual Report 2012 Financial statements
Notes to the Group financial statements continued
35. Deferred and current tax (continued)
(iii) Gross deferred tax liabilities
Movements in gross deferred tax liabilities, without taking into consideration the offsetting of liabilities and assets within the same tax
jurisdiction, comprise:
Accelerated
tax
depreciation
US$m
Intangibles
US$m
Other
temporary
differences
US$m
Total
US$m
At 1 April 2011 33 437 19 489
Differences on exchange - 4 4 8
Tax charge in the Group income statement 15 32 148
Business combinations - 99 - 99
Tax recognised within other comprehensive income (note 16(a)) - - 2 2
Transfer in respect of liabilities held for sale (note 42) -(38) -(38)
Other transfers - (3) -(3)
At 31 March 2012 48 531 26 605
Accelerated
tax
depreciation
US$m
Intangibles
US$m
Other
temporary
differences
US$m
Total
US$m
At 1 April 2010 36 362 36 434
Differences on exchange - 14 3 17
Tax charge/(credit) in the Group income statement (3) 37 6 40
Business combinations - 10 - 10
Other transfers - 14 (26) (12)
At 31 March 2011 33 437 19 489
Deferred tax liabilities of US$1,938m (2011: US$2,052m) have not been recognised for the withholding and other taxes that would arise on the
distribution to Experian plc of the unremitted earnings of certain subsidiary undertakings. As these earnings are continually reinvested, no such
tax is expected to arise in the foreseeable future.
At the balance sheet date there were deferred tax liabilities expected to reverse within the next year of US$41m (2011: US$45m).
(iv) UK deferred tax balances
In the UK, the main rate of corporation tax has been reduced to 24% with effect from 1 April 2012. Deferred tax balances held in the UK have
therefore been provided at 24%. Further proposed reductions to this rate will reduce it by 1% per annum to 22% from 1 April 2014. Each of these
further proposed reductions is expected to be separately enacted and has not yet been substantively enacted. A provision rate of 26% was used
at 31 March 2011. The effect of these further reductions is expected to be to increase the tax charge by US$11m for each of the next two financial
years.