Barclays 2007 Annual Report Download - page 194

Notes to the accounts
For the year ended 31st December 2007
192 Barclays PLC Annual Report 2007
19 Current and deferred tax
The components of taxes are as follows:
2007 2006
Assets Liabilities Assets Liabilities
£m £m £m £m
Current tax 518 1,311 557 1,020
Deferred tax 2,334 1,726 2,005 1,523
Deferred taxes are calculated on all temporary differences under the liability method. The movement on the deferred tax account is as follows:
2007 2006
£m £m
At beginning of year 482 (14)
Income statement credit/(charge) 393 (4)
Equity
Available for sale investments 13 4
Cash flow hedges (132) 128
Share-based payments (63) 24
Other equity movements (125) 48
Acquisitions and disposals 33 264
Exchange and other adjustments 732
At end of year 608 482
Deferred tax assets and liabilities are attributable to the following items:
2007 2006
£m £m
Deferred tax liabilities
Accelerated tax depreciation 803 705
Available for sale investments 101 116
Cash flow hedges 51 –
Other 771 702
Deferred tax liabilities 1,726 1,523
Deferred tax assets
Pensions and other retirement benefits 491 622
Allowance for impairment on loans 108 69
Other provisions 377 436
Cash flow hedges 44 91
Tax losses carried forward 215 1
Share-based payments 428 380
Other 671 406
Deferred tax assets 2,334 2,005
Net deferred tax asset 608 482
Disclosed as deferred tax liabilities 855 282
Disclosed as deferred tax assets 1,463 764
Net deferred tax asset 608 482