Aviva 2007 Annual Report Download - page 244
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Aviva plc
Annual Report and
Accounts 2007
240
Financial
statements
Notes to the Company financial statements continued
C – Tax
(i) Tax credited to income statement:
2007 2006
£m £m
Current tax:
For this year 351 438
Prior year adjustments 576
Total current tax 356 514
Deferred tax:
Origination and reversal of timing differences –7
Total deferred tax –7
Total tax credited to income statement 356 521
(ii) Tax reconciliation
The tax on the Company’s profit/(loss) before tax differs from the theoretical amount that would arise using the tax rate of
the home country of the Company as follows:
2007 2006
£m £m
Profit/(loss) before tax 1,361 (545)
Tax calculated at standard UK corporation tax rate of 30% (2006: 30%) (408) 163
Adjustment to tax charge in respect of prior years 576
Non-assessable dividends 770 259
Disallowable expenses (11) (12)
Non-taxable profit on sale of subsidiary –28
Deferred tax asset not recognised –7
Total tax credited to income statement 356 521
(iii) The net deferred tax asset comprises:
2007 2006
£m £m
Provisions and other temporary differences 99
Net deferred tax asset 99
(iv) The movement in the net deferred tax asset was as follows:
2007 2006
£m £m
Net asset at 1 January 92
Amounts credited to profit –7
Net asset at 31 December 9 9
The Company has unrecognised tax losses of £nil (2006: £167 million) to carry forward against future taxable profits.
The losses which were unrecognised in the company in 2006 remain unrecognised in other UK subsidiaries.