Barclays 2013 Annual Report Download - page 298

Note 10: Tax continued
Fixed asset
timing
differences
£m
Available
for sale
investments
£m
Cash flow
hedges
£m
Retirement
benefit
obligations
£m
Loan
impairment
allowance
£m
Other
provisions
£m
Tax losses
carried
forward
£m
Share based
payments
and deferred
compensation
£m
Other
£m
Total
£m
Assets 158 61 53 542 457 105 1,636 858 1,190 5,060
Liabilities (225) (67) (714) (1) – – – – (831) (1,838)
At 1 January 2013 (67) (6) (661) 541 457 105 1,636 858 359 3,222
Income statement 904 (12) – (65) (74) 270 (400) (45) 4 582
Other comprehensive
income – (17) 571 (5) – – 122 (33) (1) 637
Other movements (73) 27 8 10 (7) (15) (123) (18) 184 (7)
764 (8) (82) 481 376 360 1,235 762 546 4,434
Assets 1,525 53 5 490 376 360 1,235 762 1,078 5,884
Liabilities (761) (61) (87) (9) – – – – (532) (1,450)
At 31 December 2013 764 (8) (82) 481 376 360 1,235 762 546 4,434
Assets 254 186 – 403 431 261 1,493 506 1,285 4,819
Liabilities (404) (65) (489) (3) – – – – (1,096) (2,057)
Effect of the adoption
of IFRS 10 on assets – – – – – – – – 282 282
At 1 January 2012 (150) 121 (489) 400 431 261 1,493 506 471 3,044
Income statement 60 (49) (30) (185) 86 (134) 130 401 (120) 159
Other comprehensive
income – (67) (146) 321 – – – (12) (6) 90
Other movements 23 (11) 4 5 (60) (22) 13 (37) 14 (71)
(67) (6) (661) 541 457 105 1,636 858 359 3,222
Assets 158 61 53 542 457 105 1,636 858 1,190 5,060
Liabilities (225) (67) (714) (1) – – – – (831) (1,838)
At 31 December 2012 (67) (6) (661) 541 457 105 1,636 858 359 3,222
The table above shows movements on deferred tax assets and liabilities during the year. The amounts are different from those disclosed on the
balance sheet as they are presented before offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on
a net basis.
The increase in the net deferred tax asset in respect of fixed asset timing differences was primarily due to an election for US tax purposes to
capitalise costs associated with certain fixed assets. Other movements include deferred tax amounts relating to acquisitions, disposals and
exchange gains and losses.
The amount of deferred tax liability expected to be settled after more than 12 months is £916m (2012: £1,337m). The amount of deferred tax
asset expected to be recovered after more than 12 months is £4,943m (2012: £3,537m). These amounts are before offsetting asset and liability
balances where there is a legal right to set-off and an intention to settle on a net basis.
Unrecognised deferred tax
Deferred tax assets have not been recognised in respect of gross deductible temporary differences of £1,096m (2012: £28m), gross tax losses of
£10,897m (2012: £7,295m) which includes capital losses of £3,465m (2012: £3,358m), and unused tax credits of £245m (2012: £155m). Tax
losses of £245m (2012: £3m) expire within 5 years, £93m (2012: £83m) expire within 6 to 10 years, £1,043m (2012: £5m) expire within 11 to 20
years and £9,516m (2012: £7,204m) can be carried forward indefinitely. Deferred tax assets have not been recognised in respect of these items
because it is not probable that future taxable profits and gains will be available against which the Group can utilise benefits.
Deferred tax is not recognised in respect of the Group’s investments in subsidiaries and branches where remittance is not contemplated and for
those associates and interests in joint ventures where it has been determined that no additional tax will arise. The aggregate amount of temporary
differences for which deferred tax liabilities have not been recognised is £534m (2012: £836m).
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296 Barclays PLC Annual Report 2013
Notes to the financial statements
For the year ended 31 December 2013 continued