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12 Net deferred income tax assets

$million

Opening balance

Charged to income

Charged to equity

Other/ transfer

Closing balance

2019

Deferred tax assets

Property plant and equipment

179.3

(15.6)

-

-

163.7

Provisions

31.1

0.3

1.4

-

32.8

Derivative financial instruments

4.4

(4.5)

35.9

-

35.8

Non derivative financial instruments

-

1.7

-

-

1.7

Total deferred tax assets

214.8

(18.1)

37.3

-

234.0

Deferred tax liabilities

Derivative financial instruments

-

-

-

-

-

Other

46.2

(7.0)

-

-

39.2

Total deferred tax liabilities

46.2

(7.0)

-

-

39.2

Net deferred tax asset

194.8

2018

Deferred tax assets

Property plant and equipment

189.1

(9.8)

-

-

179.3

Provisions

34.5

(1.8)

(1.6)

-

31.1

Derivative financial instruments

-

-

-

4.4

4.4

Total deferred tax asset - restated*

223.6

(11.6)

(1.6)

4.4

214.8

Deferred tax liabilities

Derivative financial instruments

57.3

(64.8)

3.1

4.4

-

Other

52.8

(6.6)

-

-

46.2

Total deferred tax liabilities - restated*

110.1

(71.4)

3.1

4.4

46.2

Net deferred tax asset - restated*

168.6

*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.

Recognition and measurement

Current tax: The Income Tax Payable/Income Tax Receivable in the Statement of Financial Positionrepresents the amount expected to be paid (or refunded) in relation to taxable income for the financial year measured using tax rates and tax laws that have been enacted or substantively enacted by the reporting date. Current tax for the current, and prior periods, is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).

Deferred income tax: is provided in full, using the balance sheet method, on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date.

Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. A deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the consolidated entity intends to settle the tax assets and liabilities on a net basis.