RBS 2012 Annual Report Download - page 434

432
Notes on the consolidated accounts continued
23 Deferred tax
2012 2011 2010
£m £m £m
Deferred tax liability 1,141 1,945 2,142
Deferred tax asset (3,443) (3,878) (6,373)
Net deferred tax asset (2,302) (1,933) (4,231)
Net deferred tax asset comprised:
Pension
Accelerated
capital
allowances Provisions
Deferred
gains
IFRS
transition
Fair
value of
financial
instruments
Available-
for-sale
financial
assets Intangibles
Cash
flow
hedging
Share
schemes
Tax
losses
carried
forward Other Total
£m £m £m £m £m £m £m £m £m £m £m £m £m
At 1 January 2011 (638) 2,656 (1,601) 88 (296) (92) (841) 429 291 (31) (4,274) 78 (4,231)
Transfers to disposal groups — (308) (52) — — 16 — — — — 159 52 (133)
Acquisition/(disposal) of subsidiaries 4 (76) 39 7 — — — (1) (1) — — — (28)
Charge/(credit) to income statement
- continuing operations 222 26 339 262 77 46 (13) (178) 22 (3) 394 (94) 1,100
- discontinued operations 1 1 5 — — — — — — — — (58) (51)
(Credit)/charge to other comprehensive
income (86) — — 1 — — 780 — 238 14 415 — 1,362
Currency translation and other
adjustments 4 7 (4) 1 — (3) 22 2 — 3 12 4 48
At 1 January 2012 (493) 2,306 (1,274) 359 (219) (33) (52) 252 550 (17) (3,294) (18) (1,933)
Transfers to disposal groups 1 — — — — — 2 — — — — — 3
(Disposal)/acquisition of subsidiaries (2) (38) (85) — — (6) (4) — — — — 52 (83)
Charge/(credit) to income statement
- continuing operations 71 (482) 237 (13) 84 25 (18) (15) (128) — 225 (75) (89)
- discontinued operations — 1 5 — — — — — — — — (24) (18)
(Credit)/charge to other comprehensive
Income (380) — — (10) — — 200 — 155 5 (170) — (200)
Currency translation and other
Adjustments — (43) 46 49 (25) 6 7 (10) — — 8 (20) 18
At 31 December 2012 (803) 1,744 (1,071) 385 (160) (8) 135 227 577 (12) (3,231) (85) (2,302)
Deferred tax assets in respect of unused tax losses are recognised if the losses can be used to offset probable future taxable profits after taking into
account the expected reversal of other temporary differences. Recognised deferred tax assets in respect of tax losses are analysed further below.
2012 2011 2010
£m £m £m
UK tax losses carried forward
- The Royal Bank of Scotland plc 2,654 2,623 143
- UK branch of RBS N.V. 322 166 3,361
- National Westminster Bank Plc 66 93 349
- RBS Management Services (UK) Ltd 30 51 —
3,072 2,933 3,853
Overseas tax losses carried forward
- Ulster Bank Ireland 72 284 260
- RBS Citizens Financial Group 87 — —
- RBS N.V. Australia — 77 —
- RBS Aerospace — — 161
159 361 421
3,231 3,294 4,274