tax assets and liabilities by pa7E4jCO

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									Standard Life plc
IFRS FINANCIAL INFORMATION - extract from Annual Report and Accounts 2011
Tax assets and liabilities                                     2011   2010
                                                                £m     £m
Income tax recoverable                                          107    162
Deferred tax assets                                             210    201
Total tax assets                                                317    363


Income tax liabilities                                          149    181
Deferred tax liabilities                                        145    220
Total tax liabilities                                           294    401



(a) Recognised deferred tax                                    2011   2010
                                                                £m     £m
Deferred tax assets comprises:
Actuarial liabilities                                           221     184
Losses carried forward                                           56      39
Realised losses on investments                                    -      33
Depreciable assets                                               35      32
Deferred income                                                  57      55
Employee benefits                                                41      30
Provisions and other temporary timing differences                27      19
Insurance related items                                          45      96
Subordinated liabilities valuation differences                    1       1
Unrealised losses on investments                                 40      16
Temporary valuation differences                                   3       -
Gross deferred tax assets                                       526     505
Less: Offset against deferred tax liabilities                 (316)   (304)
Net deferred tax assets                                         210     201
Deferred tax liabilities comprises:
Insurance related items                                          44       -
Unrealised gains on investments                                  86     180
Deferred acquisition costs                                      194     197
Deferred gains on realisation                                     -      29
Subordinated liabilities valuation differences                    2       3
Temporary timing differences                                     14       -
Employee benefits                                               120     109
Deferred tax on acquired assets                                   -       2
Other                                                             1       4
Gross deferred tax liabilities                                  461     524
Less: Offset against deferred tax assets                      (316)   (304)
Net deferred tax liabilities                                    145     220
Movements in deferred tax assets/(liabilities) comprise:
At 1 January                                                   (19)     228
Acquisition of subsidiaries                                     (3)        4
Disposal of subsidiaries                                          -      (5)
Amounts credited/(charged) to net profit                         61   (197)
Amounts credited/(charged) directly to equity                    27    (60)
Foreign exchange adjustment                                     (1)      11
At 31 December                                                   65    (19)

								
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