Experian 2013 Annual Report Download - page 151
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Business review Business overview Governance Financial statements
38. 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 2012 48 531 26 605
Differences on exchange – (28) 2 (26)
Tax (credit)/charge in the Group income statement – continuing operations (16) 42 4 30
Tax charge in the Group income statement – discontinued operations – 100 – 100
Business combinations – 3 – 3
Transfer in respect of liabilities held for sale – 36 – 36
Other transfers – (1) 1 –
At 31 March 2013 32 683 33 748
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 1 48
Business combinations – 99 – 99
Tax recognised within other comprehensive income – – 2 2
Transfer in respect of liabilities held for sale – (38) – (38)
Other transfers – (3) – (3)
At 31 March 2012 48 531 26 605
There are retained earnings of US$11,364m (2012: US$10,684m) in subsidiary undertakings which would be subject to tax at prevailing rates
if remitted to Experian plc. Given the mix of countries and tax rates, it is not practicable to determine the tax impact in the event of such
remittance.
At the balance sheet date there were deferred tax liabilities expected to reverse within the next year of US$41m (2012: US$41m).
(iv) UK deferred tax
The main rate of UK corporation tax has been reduced to 23% with effect from 1 April 2013. Deferred tax arising in the UK has therefore been
provided at 23%. Further proposed reductions to this rate will reduce it to 21% from 1 April 2014 and 20% from 1 April 2015 but have not yet been
substantively enacted and are therefore not recognised in these financial statements. A deferred tax provision rate of 24% was used at 31 March
2012.