Vodafone 2003 Annual Report Download - page 105
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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 103
22. Provisions for liabilities and charges
Post
Deferred employment Other
taxation benefits provisions Total
£m £m £m £m
1 April 2002 2,159 235 236 2,630
Exchange movements (32) 13 7 (12)
Acquisitions (note 26) ––14 14
Profit and loss account 905 32 66 1,003
Utilised in the year – payments –(130) (45) (175)
Reclassifications from creditors – 67 169 236
31 March 2003 3,032 217 447 3,696
Deferred taxation
The deferred tax charge of £905m in respect of deferred tax liabilities excludes a charge of £36m relating to associated undertakings and a credit of £129m
relating to deferred tax assets. Therefore the net deferred tax charge is £812m, or £818m before exceptional items.
The net deferred tax liability/(asset) is analysed as follows:
2003 2002
£m £m
Accelerated capital allowances 1,383 1,038
Deferred tax on unexercised options –(26)
Deferred tax on closure of derivative financial instruments (48) (101)
Deferred tax on overseas earnings 1,007 583
Other short term timing differences (28) (17)
Unrelieved tax losses (306) (183)
2,008 1,294
Analysed as:
Deferred tax asset (note 16) (1,024) (865)
Deferred tax provision 3,032 2,159
2,008 1,294
The amounts unprovided for deferred taxation are:
2003 2002
£m £m
Accelerated capital allowances (170) (4)
Gains subject to rollover relief 10 10
Other short term timing differences (165) (106)
Unrelieved tax losses (11,226) (378)
(11,551) (478)
Under FRS 19, “Deferred tax”, a deferred tax asset has not been recognised in respect of the unrelieved tax losses of £11,226m (2002: £378m), accelerated
capital allowances of £170m (2002: £4m) and short term timing differences of £165m (2002: £106m) as the various companies do not anticipate that
sufficient taxable profits will arise within the next year.
The potential net tax benefit in respect of tax losses carried forward at 31 March 2003 was £52m in United Kingdom subsidiaries (2002: £37m) and
£11,480m in international subsidiaries (2002: £524m). These losses are only available for offset against future profits arising within these companies subject
to the laws of the relevant jurisdiction. In addition, the Group’s share of losses of United Kingdom and international joint venture undertakings that are
available for offset against future trading profits in these entities is £Nil and £Nil, respectively (2002: £105m and £Nil). The Group’s share of losses of United
Kingdom and international associated undertakings that are available for offset against future trading profits in these entities is £Nil and £225m, respectively
(2002: £Nil and £109m, respectively).
Other provisions
Other provisions primarily comprise amounts provided for legal claims, decommissioning costs and restructuring costs.