Notes to the Financial Statements
for the year ended 31 December 2004
39 Banking - Provision For Deferred Tax
| Rm | ||
| At 31 December 2004 |
At 31 December 2003 |
|
| At beginning of year | 2,732 |
1,450 |
| Additions from acquired operations | 3 |
583 |
| Credit to profit and loss account | (178) |
(347) |
| Foreign exchange and other movements | (1,527) |
1,046 |
| At end of year | 1,030 |
2,732 |
| Comprising: | ||
| Short term timing differences | 200 |
191 |
| Leasing transactions | - |
1,635 |
| Other | 830 |
906 |
1,030 |
2,732 |
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).
