HSBC 2014 Annual Report Download - page 135
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HSBC BANK PLC
Notes on the Financial Statements (continued)
133
The following table reconciles the tax expense which would apply if all profits had been taxed at the UK corporation tax
rate:
2014
2013
£m
%
£m
%
Taxation at UK corporation tax rate of 21.5% (2013: 23.25%)
420
21.5
766
23.25
Effect of taxing overseas profit at different rates
15
0.8
84
2.6
Non-taxable income and gains subject to tax at a lower rate
(30)
(1.5)
(28)
(0.9)
Deferred tax temporary differences not provided
(43)
(2.2)
49
1.5
Permanent disallowables
198
10.1
4
0.1
Changes in tax rates
13
0.7
49
1.5
Local taxes and overseas withholding taxes
30
1.5
33
1.0
Other items
(49)
(2.5)
(120)
(3.6)
Adjustment in respect of prior years
10
0.5
(83)
(2.5)
Total tax charged/(credited) to the income statement
564
28.9
754
22.9
The effective tax rate for 2014 of 28.9% was higher than the UK corporation tax rate of 21.5% due to the non-deductible
settlements and provisions in connection with foreign exchange investigations offset in part by losses previously not
recognised for tax purposes overseas.
Movement of net deferred tax assets/(liabilities) before offsetting balances within countries
The group
Retirement
benefits
Loan
impairment
allowances
Unused
tax
losses
Property,
plant and
equipment
Available-
for-sale
investments
Cash
flow
hedges
Share-
based
payments
Goodwill
and
intangibles
Other
Total
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
Assets
–
88
14
292
–
25
51
71
–
541
Liabilities
(186)
–
–
(3)
(92)
–
–
(14)
(48)
(343)
At 1 January 2014
(186)
88
14
289
(92)
25
51
57
(48)
198
Income statement
(30)
(6)
8
(15)
–
1
(7)
14
69
34
Other comprehensive income
(322)
–
–
–
(29)
(74)
–
–
–
(425)
Equity
–
–
–
–
–
–
(9)
–
–
(9)
Foreign exchange and other
(4)
(4)
1
(5)
7
–
–
14
5
14
At 31 December
(542)
78
23
269
(114)
(48)
35
85
26
(188)
Assets
–
78
23
269
–
–
35
99
46
550
Liabilities
(542)
–
–
–
(114)
(48)
–
(14)
(20)
(738)
2013
Assets
–
80
294
141
35
–
76
20
10
656
Liabilities
(243)
–
–
(1)
(61)
(82)
–
–
(94)
(481)
At 1 January
(243)
80
294
140
(26)
(82)
76
20
(84)
175
Income statement
(220)
8
(284)
149
7
–
(18)
51
(23)
(330)
Other comprehensive income
251
–
–
–
11
109
–
–
–
371
Equity
–
–
–
–
–
–
(8)
–
–
(8)
Foreign exchange and other
26
–
4
–
(84)
(2)
1
(14)
59
(10)
At 31 December
(186)
88
14
289
(92)
25
51
57
(48)
198
Assets
–
88
14
292
–
25
51
71
–
541
Liabilities
(186)
–
–
(3)
(92)
–
–
(14)
(48)
(343)