Savills plc 2012 Annual Report - (PDF) - Investor relations

Notes to the financial statementsYear ended 31 December 2012continuedDeferred tax liabilities – GroupOther includingprovisions and foreignexchange reserves£mRevaluations£mIntangibleassets£mAt 1 January 2011 (0.6) (0.1) (2.1) (2.8)Amount credited to income statement – – 0.7 0.7Effect of UK tax rate change within income statement – – (0.1) (0.1)Tax credited to other comprehensive income 0.1 0.2 – 0.3Transfer from/(to) deferred tax assets 0.3 (0.3) – –Initial recognition of intangible assets – – (0.2) (0.2)At 31 December 2011 (0.2) (0.2) (1.7) (2.1)Amount credited to income statement (Note 11) (0.1) – 0.5 0.4Effect of UK tax rate change within income statement (Note 11) – – 0.1 0.1Effect of UK tax rate change within other comprehensive income (Note 11) – 0.1 – 0.1Initial recognition of intangible assets (Note 14) – – (0.2) (0.2)At 31 December 2012 (0.3) (0.1) (1.3) (1.7)Net deferred tax assetAt 31 December 2012 28.2At 31 December 2011 27.3The proposed reduction in the main UK rate of corporation tax by 2% to 21% on 1 April 2014 is expected to be enacted separately nextyear. The overall effect of this 2% reduction if this applied to the deferred tax balance at 31 December 2012, would be to reduce the netdeferred tax asset by approximately £0.9m. Please refer to note 11 for details of proposed tax rate reductions.Deferred tax assets – CompanyAcceleratedcapitalallowances£mOtherincludingprovisions£mRetirementbenefits£mEmployeebenefits£mAt 1 January 2011 0.3 0.6 0.3 0.4 1.6Amount (charged)/credited to income statement – – – 0.2 0.2Tax charged to other comprehensive income (Note 11) – – 0.2 (0.1) 0.1As at 31 December 2011 0.3 0.6 0.5 0.5 1.9Amount credited to income statement – – – 0.6 0.6Effect of UK tax rate change within income statement – (0.1) – – (0.1)Tax (charged)/credited to other comprehensive income (Note 11) – – (0.1) 0.2 0.1At 31 December 2012 0.3 0.5 0.4 1.3 2.5Net deferred tax assetAt 31 December 2012 2.5At 31 December 2011 1.9Total£mTotal£m98 Savills plc Report and Accounts 2012