BT 2012 Annual Report Download - page 121

118 Financial statements
Notes to the consolidated financial statements
10. Taxation continued
Tax components of other comprehensive income
The tax (expense) credit relating to components of other comprehensive income is as follows:
2012 2011 2010
Tax Tax Tax
Before (expense) After Before (expense) After Before (expense) After
tax credit tax tax credit tax tax credit tax
Year ended 31 March £m £m £m £m £m £m £m £m £m
Actuarial (losses) gains relating to
retirement benefit obligations (2,744) 600 (2,144) 5,109 (1,534) 3,575 (4,324) 1,211 (3,113)
Exchange differences on translation
of foreign operations (105) (1) (106) (140) 18 (122) (119) (20) (139)
Fair value movements on available-
for-sale assets (3) – (3) 15 – 15 7 – 7
Fair value movements on cash flow
hedges
– fair value losses (56) 10 (46) (347) (124) (471) (1,067) 297 (770)
– recognised in income and expense 179 (32) 147 333 119 452 496 (139) 357
– reclassified and reported in non-
current assets ––––––(4)1(3)
(2,729) 577 (2,152) 4,970 (1,521) 3,449 (5,011) 1,350 (3,661)
Current tax credit (expense) 566 25 (2)
Deferred tax credit (expense) 11 (1,546) 1,352
577 (1,521) 1,350
Deferred taxation
Retirement
Excess capital benefit Share-based
allowances obligationsapayments Other Total
£m £m £m £m £m
At 1 April 2010 1,696 (2,196) (41) (199) (740)
(Credit) expense recognised in the income statement (315) 201 (17) 111 (20)
Expense recognised in other comprehensive income – 1,534 – 12 1,546
(Credit) recognised in equity – – (91) – (91)
Transfer from current tax 56–––56
At 31 March 2011 1,437 (461) (149) (76) 751
Deferred tax asset (461)
Deferred tax liability 1,212
At 1 April 2011 1,437 (461) (149) (76) 751
(Credit) recognised in the income statement (95) (79) (1) (74) (249)
(Credit) expense recognised in other comprehensive income – (36) – 25 (11)
(Credit) recognised in equity – – (17) – (17)
At 31 March 2012 1,342 (576) (167) (125) 474
Deferred tax asset (626)
Deferred tax liability 1,100
At 31 March 2012 474
aIncludes a deferred tax asset of £1m (2011: £1m) arising on contributions payable to defined contribution pension plans.
Jurisdictional netting has been applied except for BT’s pension schemes which are disclosed as deferred tax assets.
At 31 March 2012, all of the deferred tax asset of £626m (2011: £461m) is expected to be recovered after more than one year. At 31 March
2012, all of the deferred tax liability of £1,100m (2011: £1,212m) is expected to be settled after more than one year.
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