BT 2007 Annual Report Download - page 111
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21. DEFERRED TAXATION
Excess capital
allowances
£m
Retirement
benefit
obligations
£m
Share based
payments
£m
Other
£m
Total
£m
At 1 April 2005 1,968 (1,434) (7) (518) 9
Charge (credit) to income statement (16) 41 (13) 132 144
Charge (credit) to equity – 629 (5) (36) 588
At 31 March 2006 1,952 (764) (25) (422) 741
Deferred tax (asset) – (764) – – (764)
Deferred tax liability 1,952 – (25) (422) 1,505
At 31 March 2006 1,952 (764) (25) (422) 741
Charge (credit) to income statement 144 223 (33) 75 409
Charge (credit) to equity – 424 (70) 62 416
At 31 March 2007 2,096 (117) (128) (285) 1,566
Deferred tax (asset) – (117) – – (117)
Deferred tax liability 2,096 – (128) (285) 1,683
At 31 March 2007 2,096 (117) (128) (285) 1,566
At 31 March 2007, £117 million (2006: £764 million) of the deferred tax asset of £117 million (2006: £764 million) is expected to
be recovered after more than twelve months. At 31 March 2007, £1,683 million (2006: £1,505 million) of the deferred tax liability
of £1,683 million (2006: £1,505 million) is expected to be settled after more than twelve months.
At 31 March 2007 the group had operating losses, capital losses and other temporary differences carried forward in respect of
which no deferred tax assets were recognised amounting to £21.1 billion (2006: £21.8 billion). The group’s capital losses and other
temporary differences have no expiry date restrictions. The expiry date of operating losses carried forward is dependent upon the tax
law of the various territories in which the losses arise. A summary of expiry dates for losses in respect of which restrictions apply is
set out below:
Territory
2007
£m
Expiry of
losses
Restricted losses:
Americas 218 2012-2027
Europe 1,226 2007-2022
Total restricted losses 1,444
Unrestricted losses:
Operating losses 1,026 No expiry
Capital losses 17,595 No expiry
Other 1,044 No expiry
Total unrestricted losses 19,665
Total 21,109
At the balance sheet date, the undistributed earnings of overseas subsidiaries was £9.3 billion (2006: £8.6 billion). No deferred tax
liabilities have been recognised in respect of those unremitted earnings because the group is in a position to control the timing of
the reversal of these temporary differences and it is probable that such differences will not reverse in the foreseeable future.
Temporary differences arising in connection with interests in associates and joint ventures for which deferred tax liabilities have not
been recognised are insignificant.
Consolidated financial statements Notes to the consolidated financial statements
110 BT Group plc Annual Report & Form 20-F