Barclays 2005 Annual Report Download - page 174
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24 Current and deferred tax
The components of taxes are as follows:
2005 2004
Assets Liabilities Assets Liabilities
£m £m £m £m
Current tax
United Kingdom –484 – 494
Overseas –263 – 127
Current tax – 747 – 621
Deferred tax
United Kingdom 1,425 1,517 1,157 1,199
Overseas 284 206 231 163
Deferred tax 1,709 1,723 1,388 1,362
Deferred taxes are calculated on all temporary differences under the liability method. The movement on the deferred tax account is as follows:
2005 2004
£m £m
At beginning of year(a) 244 91
Income statement charge 85 (87)
Equity
Available for sale investments 10 n/a
Cash flow hedges (112) n/a
Share-based payments 101 –
Other equity movements (24) –
Acquisitions and disposals (199) 5
Exchange and other adjustments (119) 17
At end of year (14) 26
Notes to the accounts
For the year ended 31st December 2005
Barclays PLC
Annual Report 2005
172
Note
(a) The 2005 opening balance has been adjusted to reflect the application of IAS 32, IAS 39 and IFRS 4.