Barclays 2005 Annual Report Download - page 176

24 Current and deferred tax (continued)
Deferred tax assets have not been recognised in respect of the following items:
2005 2004
£m £m
Deductible temporary differences 340 –
Unused tax losses 363 17
Unused tax credits 24 18
The following tax losses expire: £10m in 2006; £8m in 2006-2008; and £78m in 2023-2025. The other tax losses, tax credits and temporary
differences do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not
probable that future taxable profit will be available against which the Group can utilise the benefits.
The amount of temporary differences associated with investments in subsidiaries, branches, associates and joint ventures for which deferred tax
liabilities have not been recognised is £2,126m (2004: £1,888m).
25 Insurance assets and liabilities
Insurance assets including unit-linked assets
Insurance assets, including assets held to cover linked and non-linked liabilities under UK GAAP at 31st December 2004, comprise the following:
2005 2004
£m £m
Reinsurers’ share of provisions 114 109
Assets held to cover linked liabilities –5,870
Assets held to cover non-linked liabilities –2,597
Insurance assets including unit-linked assets 114 8,576
Reinsurance assets relate principally to the Group’s long-term business. Reinsurers’ share of provisions relating to the Group’s short-term business
are £15m (2004: £nil).
Of the reinsurers’ share of provisions above, £99m (2004: £109m) is expected to be recovered after more than one year.
From 1st January 2005, assets held to cover linked and non-linked insurance liabilities have been combined with other financial assets held by the
Group in the appropriate balance sheet heading.
Insurance contract liabilities including unit-linked liabilities
Insurance liabilities comprise the following:
2005 2004
£m £m
Insurance contract liabilities:
– linked liabilities 1,532 5,821
– non-linked liabilities 2,187 2,520
Provision for claims 48 36
Insurance contract liabilities including unit-linked liabilities 3,767 8,377
Insurance contract liabilities relate principally to the Group’s long-term business. Insurance contract liabilities associated with the Group’s short-term
non-life business are £133m (2004: £48m).
In 2004, liabilities on products now classified as investment contracts under IAS 39 were reported within insurance liabilities above. In 2005 these
are reported in liabilities arising from investment contracts.
Notes to the accounts
For the year ended 31st December 2005
Barclays PLC
Annual Report 2005
174