RBS 2013 Annual Report Download - page 455
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Notes on the consolidated accounts
453
23 Deferred tax
2013 2012 2011
£m £m £m
Deferred tax liability 507 1,141 1,945
Deferred tax asset (3,478) (3,443) (3,878)
Net deferred tax asset (2,971) (2,302) (1,933)
Net deferred tax asset comprised:
Fair Available- Tax
Accelerated value of for-sale Cash losses
capital Deferred IFRS financial financial flow Share carried
Pension allowances Provisions gains transition instruments assets Intangibles hedging schemes forward Other Total
£m £m £m £m £m £m £m £m £m £m £m £m £m
A
t 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 43 (482) 237 (13) 84 25 (18) (15) (128) — 225 (75) (117)
- discontinued operations — 1 5 — — — — — — — — (24) (18)
(Credit)/charge to other comprehensive
income (352) — — (10) — — 200 — 155 5 (170) — (172)
Currency translation and other
adjustments — (43) 46 49 (25) 6 7(10) — — 8 (20) 18
A
t 1 January 2013 (803) 1,744 (1,071) 385 (160) (8) 135 227 577 (12) (3,231) (85) (2,302)
(Disposal)/acquisition of subsidiaries — (21) 5 — — — — — — — — — (16)
Charge/(credit) to income statement
- continuing operations 60 (445) (439) (60) 68 16 (60) 4 54 1 1,086 (89) 196
Charge/(credit) to other comprehensive
income 245 — (3) — — — (93) — (633) (1) (348) (3) (836)
Currency translation and other
adjustments — (20) 25 21 (5) 3(5) 3 — (3) (14) (13)
A
t 31 December 2013 (498) 1,258 (1,483) 327 (91) 3 (15) 226 1 (12) (2,496) (191) (2,971)
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.
2013 2012 2011
£m £m £m
UK tax losses carried forward
- The Royal Bank of Scotland plc 1,693 2,654 2,623
- UK branch of RBS N.V. — 322 166
- National Westminster Bank Plc 718 66 93
- RBS Management Services (UK) Ltd — 30 51
2,411 3,072 2,933
Overseas tax losses carried forward
- Ulster Bank Ireland 74 72 284
- RBS Citizens Financial Group 11 87 —
- RBS N.V. Australia — — 77
85 159 361
2,496 3,231 3,294