DEFERRED TAX (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of deferred taxes [text block] [Abstract]

Disclosure Of Deferred Taxes

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

	Statutory position				Tax disclosure
	2018 £m		2017 £m		2018 £m			2017 £m
Deferred tax assets		2,453		2,284		4,731			4,989
Deferred tax liabilities		–		–		(2,278	)		(2,705	)
Asset at 31 December		2,453		2,284		2,453			2,284

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:

Deferred tax assets	Tax losses £m			Property, plant and equipment £m			Pension liabilities £m			Provisions £m			Share-based payments £m			Other temporary differences £m			Total £m
At 1 January 2017		4,298			969			228			40			61			38			5,634
(Charge) credit to the income statement		(264	)		(226	)		(287	)		(7	)		7			(28	)		(805	)
(Charge) credit to other comprehensive income		–			–			149			25			–			–			174
Other (charge) credit to equity		–			–			–			–			(17	)		–			(17	)
Impact of acquisitions and disposals		–			–			–			–			–			3			3
At 31 December 2017		4,034			743			90			58			51			13			4,989
Adjustment on adoption of IFRS 9 and IFRS 15 (note 54)		–			–			–			322			–			3			325
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

Deferred tax liabilities	Long-term assurance business £m			Acquisition fair value £m			Pension assets £m			Derivatives £m			Asset revaluations1 £m			Other temporary differences £m			Total £m
At 1 January 2017		(914	)		(798	)		(85	)		(643	)		(234	)		(254	)		(2,928	)
(Charge) credit to the income statement		115			76			199			(139	)		(40	)		116			327
(Charge) credit to other comprehensive income		–			–			(295	)		283			67			–			55
Impact of acquisitions and disposals		–			(157	)		–			–			–			(2	)		(159	)
At 31 December 2017		(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	)

1  Financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets).