Barclays 2003 Annual Report Download - page 133

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7 Provisions for contingent liabilities and commitments
2003 2002 2001
£m £m £m
(1) 11
8 Profit/(loss) on disposal/termination of Group undertakings
2003 2002 2001
£m £m £m
Net profit/(loss) on disposal of Group undertakings 48 (4)
Loss on termination of Group activities –(11) –
4(3) (4)
The net profit on disposal of Group undertakings comprises profits on disposal of £7m (2002: £14m, 2001: £15m) and losses on disposal of £3m
(2002: £6m, 2001: £19m).
Goodwill previously written off to reserves on disposals amounted to £nil (2002: £10m, 2001: £nil). No tax credit is attributable to the losses on
disposal in 2003, 2002 and 2001 and no tax was payable on the 2003, 2002 and 2001 gains.
Up to the date of sale, the businesses sold in 2003 contributed £29m profit to Group profit before tax (2002: £3m profit, 2001: £8m loss).
9 Tax
The charge for tax is based upon the effective UK corporation tax rate of 30% (2002: 30%, 2001: 30%) and comprises:
2003 2002 2001
£m £m £m
Current tax:
United Kingdom 726 806 792
Overseas 154 184 149
Total current tax 880 990 941
Deferred tax (credit)/charge:
United Kingdom 215 (32) 13
Overseas (21) (2) (9)
Total deferred tax 194 (34) 4
Associated undertakings and joint ventures, including overseas tax
of (£2m) (2002: (£1m), 2001: (£2m)) 2(1) (2)
Total charge 1,076 955 943
Analysis of deferred tax (credit)/charge:
Leasing transactions 657 24
Short-term and other timing differences 188 (91) (20)
194 (34) 4
Current tax includes a credit of £53m (2002: £38m credit, 2001: £11m charge) on the shareholders’ interest in the long-term assurance fund.
Included within current tax are prior year adjustments to UK tax of (£3m) (2002: (£12m), 2001: 26m) and overseas tax of £10m (2002: £3m,
2001: £2m).
Available overseas tax credits of £197m (2002: £221m, 2001: £232m) have been applied to reduce UK tax in accordance with UK legislation.
Barclays PLC Annual Report 2003 131