Barclays 2004 Annual Report Download - page 161

26 Other liabilities, accruals and deferred income
2004 2003
Other liabilities £m £m
Obligations under finance leases payable:
not more than one year 117 22
over one year but not more than two years 100 24
over two years but not more than five years 159 61
over five years 30 53
406 160
Less: future finance charges (53) (50)
353 110
Balances arising from off-balance sheet financial instruments 18,009 14,797
Short positions in securities 53,714 49,934
Current tax 584 497
Sundry creditors 3,905 4,159
76,565 69,497
Short positions in securities comprise:
Treasury bills and other eligible bills 1,782 2,547
Debt securities – government 38,358 37,526
Debt securities – other public sector 3,186 1,035
Debt securities – other 5,392 4,256
Equity shares 4,996 4,570
53,714 49,934
Of the total short positions disclosed above, £34,993m (2003: £37,028m) were listed on a recognised exchange.
Other liabilities as at 31st December 2004 include £68m (2003: £192m) raised from the securitisation of investment debt securities
(see Note 16).
2004 2003
Accruals and deferred income £m £m
Accrued interest and commission 2,860 2,193
Other accruals and deferred income 3,722 2,790
6,582 4,983
27 Deferred tax
The movements on deferred tax during the year were:
2004 2003
£m £m
At beginning of year 646 461
Exchange and other adjustments 5(9)
Charge to profit and loss account 87 194
At end of year 738 646
Deferred tax at 31st December:
Leasing transactions 759 739
Other timing differences (21) (93)
738 646
No tax (2003: £nil) has been calculated on capital gains that might arise on the disposal of Barclays Bank PLC at the amounts at which it
is stated. The Directors are of the opinion that the likelihood of any such tax liability arising in the foreseeable future is remote. Tax would
become payable only if the investment (and consequently virtually all of the Group’s activities) were disposed of. The amount of tax payable
would be dependent upon the level of capital losses available within the Barclays Group to reduce any capital gains that may arise.
Barclays PLC Annual Report 2004
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