for the year ended 31 March 2009
(a) Net deferred tax (liabilities)/assets
|
2009 |
2008 |
At 1 April |
(144) |
35 |
Differences on exchange |
37 |
(11) |
Income statement charge (note 10) |
(58) |
(38) |
Business combinations (note 33(a)) |
(13) |
(90) |
Tax charged to equity |
59 |
(16) |
Disposal of subsidiaries (note 33(b)) |
(3) |
– |
Transfers |
– |
(24) |
At 31 March |
(122) |
(144) |
|
|
|
Net deferred tax (liabilities)/assets have been presented in the Group balance sheet as follows: |
|
|
|
|
|
Deferred tax assets |
13 |
26 |
Deferred tax liabilities |
(135) |
(170) |
|
(122) |
(144) |
The movement in gross deferred tax assets and liabilities, without taking into consideration the offsetting of balances within
the same tax jurisdiction, is shown below.
(b) Deferred tax assets
|
Accelerated |
Intangibles |
Share option |
Asset |
Tax losses |
Other |
|
Total |
At 1 April 2008 |
9 |
115 |
9 |
36 |
42 |
52 |
|
263 |
Differences on exchange |
(3) |
– |
(3) |
(14) |
(20) |
(2) |
|
(42) |
Income statement credit/(charge) |
16 |
(71) |
13 |
(22) |
(53) |
72 |
|
(45) |
Business combinations |
– |
7 |
– |
– |
– |
– |
|
7 |
Tax charged to equity |
– |
– |
3 |
– |
– |
56 |
|
59 |
Disposal of subsidiaries |
– |
(3) |
– |
– |
– |
– |
|
(3) |
Transfers |
– |
15 |
– |
– |
48 |
(34) |
|
29 |
At 31 March 2009 |
22 |
63 |
22 |
– |
17 |
144 |
|
268 |
|
|
|
|
|
|
|
|
|
|
Accelerated |
Intangibles |
Share option |
Asset |
Tax losses |
Other |
|
Total |
At 1 April 2007 |
3 |
128 |
20 |
26 |
8 |
119 |
|
304 |
Differences on exchange |
– |
– |
– |
2 |
(1) |
1 |
|
2 |
Income statement credit/(charge) |
6 |
(16) |
– |
(9) |
35 |
(29) |
|
(13) |
Business combinations |
– |
3 |
– |
17 |
– |
9 |
|
29 |
Tax charged to equity |
– |
– |
(11) |
– |
– |
– |
|
(11) |
Transfers |
– |
– |
– |
– |
– |
(48) |
|
(48) |
At 31 March 2008 |
9 |
115 |
9 |
36 |
42 |
52 |
|
263 |
(c) Deferred tax liabilities
|
Property |
Accelerated |
Intangibles |
Share option |
Tax losses |
Other |
|
Total |
At 1 April 2008 |
5 |
37 |
184 |
1 |
4 |
176 |
|
407 |
Differences on exchange |
8 |
(2) |
(48) |
– |
– |
(37) |
|
(79) |
Income statement charge/(credit) |
(13) |
6 |
(57) |
(1) |
(4) |
82 |
|
13 |
Business combinations |
– |
– |
20 |
– |
– |
– |
|
20 |
Transfers |
– |
(36) |
144 |
– |
– |
(79) |
|
29 |
At 31 March 2009 |
– |
5 |
243 |
– |
– |
142 |
|
390 |
|
|
|
|
|
|
|
|
|
|
Property |
Accelerated |
Intangibles |
Share option |
Tax losses |
Other |
|
Total |
At 1 April 2007 |
5 |
34 |
70 |
1 |
5 |
154 |
|
269 |
Differences on exchange |
– |
– |
12 |
– |
– |
1 |
|
13 |
Income statement charge/(credit) |
– |
1 |
(18) |
– |
(1) |
43 |
|
25 |
Business combinations |
– |
– |
120 |
– |
– |
(1) |
|
119 |
Tax charged to equity |
– |
– |
– |
– |
– |
5 |
|
5 |
Transfers |
– |
2 |
– |
– |
– |
(26) |
|
(24) |
At 31 March 2008 |
5 |
37 |
184 |
1 |
4 |
176 |
|
407 |
Deferred tax assets are recognised in respect of tax losses carried forward and other temporary differences to the extent that
the realisation of the related tax benefit through future taxable profits is probable.
The Group did not recognise deferred tax assets of US$430m (2008: US$32m) in respect of losses that can be carried forward against future taxable income. In addition the Group did not recognise deferred tax assets of US$16m (2008: US$25m) in respect of capital losses that can be carried forward against future taxable gains. These losses are available indefinitely.
Deferred tax liabilities of US$2,062m (2008: US$2,004m) have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries. As the earnings are continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future.
At the balance sheet date there were deferred tax assets expected to reverse within the next year of US$129m (2008: US$128m) and deferred tax liabilities expected to reverse within the next year of US$94m (2008: US$57m).