Barclays 2005 Annual Report Download - page 175

Barclays PLC
Annual Report 2005 173
3.5
24 Current and deferred tax (continued)
Deferred tax assets and liabilities are attributable to the following items:
2005 2004
£m £m
Deferred tax liabilities
Accelerated tax depreciation 883 1,075
Available for sale investments 119 n/a
Cash flow hedges 138 n/a
Other 583 287
Deferred tax liabilities 1,723 1,362
Deferred tax assets
Pensions and other retirement benefits 609 590
Allowance for impairment on loans/provision for bad and doubtful debts 41 39
Other provisions 342 332
Cash flow hedges 44 n/a
Tax losses carried forward 26 25
Share-based payments 232 –
Other 415 402
Deferred tax assets 1,709 1,388
Net deferred tax (liability)/asset (14) 26
Disclosed as deferred tax liabilities 700 1,362
Disclosed as deferred tax assets 686 1,388
Net deferred tax (liability)/asset (14) 26
Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to set off and the balances relate to income tax levied by
the same taxation authority on either the same taxable entity or different taxable entities within the same tax group where there is the intention and
ability to settle on a net basis or realise the assets and liabilities simultaneously.
The amount of deferred tax liability expected to be settled after more than 12 months is £982m (2004: £776m).
The amount of deferred tax asset expected to be recovered after more than 12 months is £1,686m (2004: £1,370m).
The deferred tax assets balance includes £27m (2004: £169m) which is the excess deferred tax assets over deferred tax liabilities in entities which
have suffered a loss in either the current or prior year. This is based on management assessment that it is probable that the relevant entities will
have taxable profits against which the temporary differences can be utilised.
The deferred tax charge/(credit) in the income statement comprises the following temporary differences:
2005 2004
£m £m
Accelerated tax depreciation 130 138
Pensions and other retirement benefits 39 41
Allowance for impairment on loans/provision for bad and doubtful debts (1) (29)
Other provisions (133) (141)
Tax losses carry forward (20) (23)
Available for sale investments (52) n/a
Cash flow hedges 1n/a
Share-based payments (115) 3
Other 66 98
Total (85) 87