Barclays 2004 Annual Report Download - page 145

6 Depreciation and amortisation
2004 2003 2002
£m £m £m
Depreciation
Property depreciation 86 93 93
Equipment depreciation 209 196 210
295 289 303
Amortisation
Goodwill amortisation 299 265 254
7 Exceptional items
2004 2003 2002
£m £m £m
Net profit on disposal of Group and associated undertakings 45 48
Loss on termination of Group activities ––(11)
45 4(3)
The net profit on disposal comprises profits on disposal of £45m (2003: £7m, 2002: £14m) and losses on disposal of £nil (2003: £3m, 2002: £6m).
Up to the date of sale, the businesses sold in 2004 contributed £nil to Group profit before tax (2003: £29m, 2002: £3m).
8 Tax
The charge for tax is based upon the effective UK corporation tax rate of 30% (2003: 30%, 2002: 30%) and comprises:
2004 2003 2002
£m £m £m
Current tax:
United Kingdom 938 726 806
Overseas 258 154 184
Total current tax 1,196 880 990
Deferred tax (credit)/charge:
United Kingdom 90 215 (32)
Overseas (3) (21) (2)
Total deferred tax 87 194 (34)
Associated undertakings and joint ventures, including overseas tax
of £9m (2003: (£2m), 2002: (£1m)) 62(1)
Total charge 1,289 1,076 955
Analysis of deferred tax (credit)/charge:
Leasing transactions 25 657
Short-term and other timing differences 62 188 (91)
87 194 (34)
Current tax includes a credit of £20m (2003: £53m, 2002: £38m) on the shareholders’ interest in the long-term assurance fund. Included within
current tax are prior year adjustments to UK tax of (£24m) (2003: (£3m), 2002: (£12m)) and overseas tax of (£1m) (2003: £10m, 2002: £3m).
Available overseas tax credits of £360m (2003: £197m, 2002: £221m) have been applied to reduce UK tax in accordance with UK legislation.
Barclays PLC Annual Report 2004
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