Holiday Inn 2005 Annual Report Download - page 70

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Other
Property, Deferred short-term
plant and gains on Employee Intangible temporary
equipment loan notes Losses benefits assets differences* Total
26 DEFERRED TAX PAYABLE £m £m £m £m £m £m £m
At 1 January 2004 519 123 (37) (42) (37) (49) 477
Disposals (5)–––––(5)
Income statement (17) – (77) 17 5 (5) (77)
Statement of recognised income and expense – – – (14) – – (14)
Exchange and other adjustments (5) (1) 1 – 2 4 1
At 31 December 2004 492 122 (113) (39) (30) (50) 382
Disposals (150) – – 34 – 3 (113)
Income statement (87) – (11) (5) 32 56 (15)
Statement of recognised income and expense – – – (5) – (2) (7)
Exchange and other adjustments 1 – 1 (1) (3) (1) (3)
At 31 December 2005 256 122 (123) (16) (1) 6 244
* Other short-term temporary differences relate primarily to provisions and accruals, investments in associates and joint ventures and share-based payments.
2005 2004
£m £m
Analysed as:
Deferred tax payable 210 234
Liabilities classified as held for sale 34 148
At 31 December 244 382
The deferred tax asset of £123m (2004 £113m) recognised in respect of losses includes £89m (2004 £89m) of capital losses available to be
utilised against the realisation of capital gains which are recognised as a deferred tax liability and £34m (2004 £24m) in respect of revenue
tax losses.
Tax losses with a value of £282m (2004 £305m), including capital losses with a value of £93m (2004 £98m), have not been recognised as
their use is uncertain or not currently anticipated. These losses may be carried forward indefinitely.
Deferred tax assets of £19m (2004 £4m) in respect of share-based payments, £7m (2004 £10m) in respect of employee benefits and £11m
(2004 £nil) in respect of other items have not been recognised as their use is uncertain or not currently anticipated.
At 31 December 2005, the Group has not provided deferred tax in relation to temporary differences associated with undistributed earnings
of subsidiaries. Quantifying the temporary differences is not practical. However, based on current enacted law and on the basis that the
Group is in a position to control the timing and realisation of these temporary differences, no material tax consequences are expected
to arise.
notes to the financial statements
68 InterContinental Hotels Group 2005