Experian 2007 Annual Report Download - page 107

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27. Deferred tax (continued)
The movement in gross deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the
same tax jurisdiction, is as follows:
(a) Deferred tax assets
Share option Other
Accelerated and award Asset temporary
depreciation Intangibles schemes provisions Tax losses differences Total
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2006 6 164 42 90 33 212 547
Differences on exchange – – 4 9 1 12 26
Income statement charge (1) (36) (6) 8 (31) 24 (42)
Acquisition of subsidiaries – – – – 5 – 5
Demerger of Home Retail Group (note 30(b)) (2) – (17) (79) – (113) (211)
Transfers – – – – – (24) (24)
Tax credited/(charged) to equity – – (3) – – 6 3
Other movements – – – (2) – 2 –
At 31 March 2007 3 128 20 26 8 119 304
(b) Deferred tax liabilities
Share option Other
Property Accelerated and award Asset temporary
valuations depreciation Intangibles schemes provisions Tax losses differences Total
US$m US$m US$m US$m US$m US$m US$m US$m
At 1 April 2006 52 64 62 1 – 6 165 350
Differences on exchange 5 4 8 – – 1 8 26
Income statement charge – 2 (6) – – (2) 18 12
Acquisition of subsidiaries ––7––––7
Demerger of Home Retail Group
(note 30(b)) (52) (36) (1) – – – (33) (122)
Transfers – – – – – – (25) (25)
Tax charged to equity ––––––2121
At 31 March 2007 5 34 70 1 – 5 154 269
Deferred tax assets are recognised for tax loss carry-forwards and other temporary differences to the extent that the realisation of the related tax
benefit through futuretaxable profits is probable.
The Group did not recognise deferred tax assets of US$19m (2006: US$9m including US$3m relating to discontinued operations) in respect of losses
that can be carried forward against future taxable income. In addition the Group did not recognise deferred tax assets of US$22m (2006: US$78m
including US$55m relating to discontinued operations) in respect of capital losses that can be carried forward against future taxable gains. These
losses areavailable indefinitely.
Deferred tax liabilities of US$2,187m (2006: US$2,034m including US$10m relating to discontinued operations) have not been recognised for the
withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries. As the earnings are continually reinvested
by the Group, no tax is expected to be payable on them in the foreseeable future.
At the balance sheet date there were deferred tax assets recoverable within the next twelve months of US$120m (2006: US$110m) and deferred
tax liabilities payable within the next twelve months of US$10m (2006: US$7m).
Experian Annual Report2007 |105