National Grid 2008 Annual Report Download - page 662

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 43541
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 135
Description: EXHIBIT 15.1
0/5331.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/331/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 43541
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 135 Description: EXHIBIT 15.1
0/5331.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/331/5*
Table of Contents
Annual Report and Accounts 2007/08
143
16. Deferred tax assets and liabilities
The following are the major deferred tax assets and liabilities recognised, and the movements thereon, during the current and
prior reporting periods:
Deferred tax (assets)/liabilities
(i) Deferred tax charged to the income statement includes a £1m tax credit (2007: £14m tax charge) reported within profit for the year from discontinued operations.
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is intention to
settle the balances net. As at 31 March 2008 and 2007 the deferred tax balances are liabilities after offset.
At the balance sheet date there were no material current deferred tax assets or liabilities (2007: £nil).
Deferred tax assets in respect of capital losses and non-trade deficits have not been recognised as their future recovery is
uncertain or not currently anticipated. The deferred tax assets not recognised are as follows:
The capital losses and non-trade deficits are available to carry forward indefinitely. The capital losses can be offset against
specific types of future capital gains and non-trade deficits can be offset against specific future non-trade profits.
The aggregate amount of temporary differences associated with the unremitted earnings of overseas subsidiaries and joint
ventures for which deferred tax liabilities have not been recognised at the balance sheet date is approximately £930m (2007:
£811m). No liability is recognised in respect of the differences because the Company and its subsidiaries are in a position to
control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the
foreseeable future.
Pensions
and other
Accelerated Share- post- Other net
tax based retirement Financial temporary
depreciation payments benefits instruments differences Total
£m £m £m £m £m £m
Deferred tax assets at 31 March 2006 (5) (28) (397) (6) (835) (1,271)
Deferred tax liabilities at 31 March 2006 3,126
–
–
20 127 3,273
At 1 A
p
ril 2006 3,121
(
28
)
(
397
)
14
(
708
)
2,002
Exchange adjustments (90) – 13 – 91 14
Char
g
ed/
(
credited
)
to income statement
(
i
)
321 9 82
(
9
)
54 457
(
Credited
)
/char
g
ed to e
q
uit
y
–
(
11
)
70 11
–
70
Ac
q
uisition of subsidiar
y
undertakin
g
s
–
–
2
–
(
13
)
(
11
)
Reclassification to liabilities of businesses held for sale (129) 1 1 – 3 (124)
Other 63
–
(
238
)
5 151
(
19
)
At 31 March 2007 3,286
(
29
)
(
467
)
21
(
422
)
2,389
Deferred tax assets at 31 March 2007
(
4
)
(
29
)
(
532
)
(
9
)
(
452
)
(
1,026
)
Deferred tax liabilities at 31 March 2007 3,290
–
65 30 30 3,415
At 1 A
p
ril 2007 3,286
(
29
)
(
467
)
21
(
422
)
2,389
Exchan
g
e ad
j
ustments
(
1
)
–
–
–
11 10
Char
g
ed/
(
credited
)
to income statement
(
i
)
123
–
(
9
)
(
2
)
196 308
Charged/(credited) to equity – 12 98 (4) – 106
Ac
q
uisition of subsidiar
y
undertakin
g
s
(
note 28
)
289
–
(
60
)
(
3
)
365 591
Other
(
2
)
12
–
23
At 31 March 2008 3,695
(
16
)
(
436
)
12 152 3,407
Deferred tax assets at 31 March 2008
(
2
)
(
16
)
(
685
)
(
17
)
(
322
)
(
1,042
)
Deferred tax liabilities at 31 March 2008 3,697 – 249 29 474 4,449
3,695
(
16
)
(
436
)
12 152 3,407
2008 2007
£m £m
Ca
p
ital losses 220 216
Non-trade deficits 10 203
Trading losses – 3