Vodafone 2002 Annual Report Download - page 109
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Notes to the Consolidated Financial Statements Vodafone Group Plc 107Annual Report & Accounts and Form 20-F
22. Provisions for liabilities and charges Post
Deferred employment Other
taxation(1) benefits provisions Total
£m £m £m £m
1 April 2001 1,014 142 136 1,292
Exchange movements 19 (9) 12 22
Acquisitions (note 26) 14 101 –115
Profit and loss account 1,112 18 123 1,253
Utilised in the year –(17) (35) (52)
31 March 2002 2,159 235 236 2,630
Note:
(1) Restated for FRS 19, “Deferred tax”.
Deferred taxation
The £1,489m charge in respect of deferred taxation in the profit and loss account (note 8) includes a credit of £8m for associated undertakings and a
charge of £385m in relation to deferred tax assets.
The net deferred tax liability/(asset) is analysed as follows: 2001
2002 as restated
£m £m
Accelerated capital allowances 1,038 760
Deferred tax on unexercised options (26) (169)
Deferred tax on closure of derivative financial instruments (101) (118)
Deferred tax on overseas earnings 583 92
Other short term timing differences (17) (238)
Unrelieved tax losses (183) (143)
1,294 184
Analysed as:
Deferred tax asset (note 16) (865) (830)
Deferred tax provision 2,159 1,014
1,294 184
The amounts unprovided for deferred taxation are: 2001
2002 as restated
£m £m
Accelerated capital allowances (4) 1
Gains subject to rollover relief 10 10
Other short term timing differences (106) (20)
Unrelieved tax losses (378) (176)
(478) (185)
The potential net tax benefit in respect of tax losses carried forward at 31 March 2002 was £37m in United Kingdom subsidiaries (2001: £14m) and £524m in
international subsidiaries (2001: £305m). These losses are only available for offset against future profits arising from the same trade within these companies.
In addition, the Group’s share of losses of United Kingdom and international joint venture undertakings that are available for offset against future trading profits
in these entities is £105m and £Nil, respectively (2001: £10m and £Nil). The Group’s share of losses of United Kingdom and international associated
undertakings that are available for offset against future trading profits in these entities is £Nil and £109m, respectively (2001: £Nil and £173m).
A deferred tax asset has not been recognised in respect of the unrelieved tax losses of £378m (2001: £176m) and short term timing differences of £106m
(2001: £20m) as the various companies do not anticipate taxable profits to arise within the next year. In time it is anticipated that these companies will
generate taxable profits and that these losses will gradually be recovered.
Other provisions
Other provisions primarily comprise amounts provided for legal claims.