Notes to the Financial Statements
for the year ended 31 December 2004
39 Banking - Provision For Deferred Tax
| £m | ||
| At 31 December 2004 |
At 31 December 2003 |
|
| At beginning of year | 229 |
105 |
| Additions from acquired operations | - |
49 |
| Credit to profit and loss account | (15) |
(28) |
| Foreign exchange and other movements | (119) |
103 |
| At end of year | 95 |
229 |
| Comprising: | ||
| Short term timing differences | 18 |
16 |
| Leasing transactions | - |
137 |
| Other | 77 |
76 |
95 |
229 |
Other movements includes an adjustment of £169 million (R1,989 million) based on reclassification of deferred tax on structured finance transactions. There is a corresponding adjustment to the deferred tax asset accordingly.
There were no unrecognised banking deferred tax liabilities at 31 December 2004 (2003: nil).
