Aviva 2002 Annual Report Download - page 80

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14 – Tax continued
(e) Balance sheet
(i) The discounted net (asset)/provision for deferred tax, comprises:
Long-term business Non-long-term business
Restated Restated
2002 2001 2002 2001
£m £m £m £m
Unrealised gains on investments 214 1,058 48 299
Deferred acquisition costs 203 179 ––
Provisions and other timing differences 62 (63) 37 19
Losses (3) –(146) (180)
Undiscounted net (asset)/provision for deferred tax 476 1,174 (61) 138
Discount (94) (145) (78) (104)
Discounted net (asset)/provision for deferred tax 382 1,029 (139) 34
(ii) Movements in the deferred tax balances are analysed as follows:
Long-term business Non-long-term business
Restated Restated
2002 2001 2002 2001
£m £m £m £m
Net (asset)/provision at 1 January 1,029 1,868 34 299
Amounts credited to the profit and loss account (625) (828) (156) (263)
Other items (22) (11) (17) (2)
Net (asset)/provision at 31 December 382 1,029 (139) 34
(iii) The net (asset)/provision for deferred tax is disclosed in the accounts as follows:
Long-term business Non-long-term business
Restated Restated
2002 2001 2002 2001
£m £m £m £m
Amount included in provisions for other risks and charges (note 41) 407 1,120 58 189
Amount included in other debtors (note 27) (25) (91) (197) (155)
Net (asset)/provision at 31 December 382 1,029 (139) 34
(iv) Deferred tax assets arise in certain overseas subsidiaries in respect of tax timing differences. The subsidiaries are expected to generate
sufficient future taxable profits to use the assets created.
15 – Ordinary dividends
Ordinary dividends in the profit and loss account comprise:
2002 2001
£m £m
Interim – 8.75 pence (2001: 14.25 pence) paid on 15 November 2002 197 321
Final – 14.25 pence (2001: 23.75 pence) payable on 16 May 2003 322 536
519 857
Irish shareholders who are due to be paid a dividend denominated in euros will receive a payment at the exchange rate prevailing on
25 February 2003.
Notes to the accounts continued
66 Aviva plc
Annual report + accounts 2002