Experian 2014 Annual Report Download - page 158

Financial statements • Notes to the Group financial statements
Notes to the Group financial statements
for the year ended 31 March 2014 continued
154
35. Deferred and current tax continued
(iii) Other information on deferred tax assets and liabilities
At the balance sheet date there were deferred tax assets expected to reverse within the next year of US$200m (2013: US$186m).
The Group has not recognised assets of US$124m (2013: US$106m) in respect of losses that could be utilised against future taxable
income and assets of US$12m (2013: US$13m) in respect of capital losses that could be utilised against future taxable gains. These
losses are available indefinitely.
At the balance sheet date there were deferred tax liabilities expected to reverse within the next year of US$44m (2013: US$41m).
There are retained earnings of US$12,020m (2013: US$11,364m) in subsidiary undertakings which would be subject to tax if remitted
to Experian plc. Given the mix of countries and tax rates, it is not practicable to determine the impact of such remittance and
accordingly no related deferred tax liabilities have been recognised.
The main rate of UK corporation tax has been reduced to 21% with effect from 1 April 2014 and 20% with effect from 1 April 2015.
Deferred tax arising in the UK has therefore been provided principally at 20%. A rate of 23% was used at 31 March 2013.
(b) Net current tax assets/(liabilities)
2014
US$m
2013
US$m
At 1 April 8 (46)
Tax charge in the Group income statement – continuing operations (note 16) (139) (184)
Tax credit in the Group income statement – discontinued operations (note 17) 7 136
Tax recognised directly in equity on transactions with owners 17 21
Tax paid (note 39(d)) 30 75
Disposal of subsidiaries 1 –
Transfer in respect of assets held for sale – 5
Other transfers (2) 1
At 31 March (78) 8
Net current tax assets/(liabilities) are presented in the Group balance sheet as:
Current tax assets 13 49
Current tax liabilities (91) (41)
At 31 March (78) 8
Current tax recognised directly in equity on transactions with owners relates to employee share incentive plans.
36. Provisions
2014 2013
Restructuring
costs
US$m
Other
liabilities
US$m
Total
US$m
Restructuring
costs
US$m
Other
liabilities
US$m
Total
US$m
At 1 April 18 35 53 3 45 48
Differences on exchange 1 (4) (3) – (5) (5)
Amount charged in the year 15 21 36 21 11 32
Utilised (19) (13) (32) (6) (16) (22)
At 31 March 15 39 54 18 35 53
Disclosed within current liabilities 15 39 54 17 35 52
Disclosed within non-current liabilities – – – 1 – 1
At 31 March 15 39 54 18 35 53
Restructuring costs principally comprise liabilities in connection with the cost efficiency programme, due to be completed by December
2014. Other liabilities principally comprise liabilities of Serasa, in connection with local legal and tax issues, which were primarily
recognised on the acquisition of that company in 2007. Adjustments to these amounts are made as the exposures are concluded.