DEFERRED TAX (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of deferred taxes [text block] [Abstract]

Disclosure Of Deferred Taxes

The Group’s deferred tax assets and liabilities are as follows:

	2019			2018			2019			2018
Statutory position	£m			£m		Tax disclosure	£m			£m
Deferred tax assets		2,666			2,453	Deferred tax assets		4,917			4,731
Deferred tax liabilities		(44	)		–	Deferred tax liabilities		(2,295	)		(2,278	)
Asset at 31 December		2,622			2,453	Asset at 31 December		2,622			2,453

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows:

	Tax losses			Property, plant and equipment			Pension liabilities			Provisions			Share-based payments			Derivatives		Other temporary differences			Total
Deferred tax assets	£m			£m			£m			£m			£m			£m		£m			£m
At 1 January 2018		4,034			743			90			380			51			–		16			5,314
(Charge) credit to the income statement		(256	)		(100	)		64			(45	)		(6	)		–		(5	)		(348	)
(Charge) credit to other comprehensive income		–			–			(92	)		(138	)		–			–		–			(230	)
Other (charge) credit to equity		–			–			–			–			(5	)		–		–			(5	)
At 31 December 2018		3,778			643			62			197			40			–		11			4,731
(Charge) credit to the income statement		(167	)		(1	)		(83	)		(87	)		4			149		174			(11	)
(Charge) credit to other comprehensive income		–			–			74			116			–			–		–			190
Other (charge) credit to equity		–			–			–			–			7			–		–			7
At 31 December 2019		3,611			642			53			226			51			149		185			4,917

	Long-term assurance business			Acquisition fair value			Pension assets			Derivatives			Asset revaluations1			Other temporary differences			Total
Deferred tax liabilities	£m			£m			£m			£m			£m			£m			£m
At 1 January 2018		(799	)		(879	)		(181	)		(499	)		(207	)		(140	)		(2,705	)
(Charge) credit to the income statement		162			142			(67	)		(19	)		(33	)		7			192
(Charge) credit to other comprehensive income		–			–			(25	)		113			141			–			229
Exchange and other adjustments		–			–			–			–			–			6			6
At 31 December 2018		(637	)		(737	)		(273	)		(405	)		(99	)		(127	)		(2,278	)
(Charge) credit to the income statement		(193	)		221			59			(48	)		(19	)		(35	)		(15	)
(Charge) credit to other comprehensive income		–			–			64			(148	)		83			–			(1	)
Exchange and other adjustments		–			–			–			–			–			(1	)		(1	)
At 31 December 2019		(830	)		(516	)		(150	)		(601	)		(35	)		(163	)		(2,295	)

1 Financial assets at fair value through other comprehensive income.