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Deferred taxation (Tables) | 12 Months Ended
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Dec. 31, 2024
Deferred tax assets and liabilities [abstract] |
Reconciliation of changes in deferred tax liability asset | The movement in deferred tax (liabilities)/assets during the year is as follows.
| 2024 US$m | 2023 US$m
At 1 January | 1,040 | (368)
Adjustment on currency translation | (10) | 19
Credited/(charged) to the income statement | 393 | 1,260
(Charged)/credited to statement of comprehensive income(a) | (32) | 153
Other movements(b) | (10) | (24)
At 31 December | 1,381 | 1,040
Comprising: |  |
– deferred tax assets(c)(d) | 4,016 | 3,624
– deferred tax liabilities(e) | (2,635) | (2,584)
(a)The amounts credited/(charged) directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on remeasurement gains/(losses) on pension schemes and on post-retirement healthcare plans. (b)“Other movements” include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates. (c)Recognised deferred tax assets of US$1,293 million (2023: US$1,182 million) are subject to expiry if not recovered within certain time limits as specified in local tax legislation and investment agreements. O f those recognised assets, US$66 million (2023: US$nil) would expire within one year if not used, US$93 million (2023: US$140 million) would expire within one to 5 years, and US$1,134 million (2023: US$1,042 million) would expire in more than 5 years. (d)Recognised and unrecognised deferred tax assets are shown in the table on page 195 and totalled US$9,994 million at 31 December 2024 (2023: US$10,040 million). Of this total, US$4,016 million has been recognised as deferred tax assets (2023: US$3,624 million), leaving US$5,978 million (2023: US$6,416 million) unrecognised, as recovery is not considered probable. (e)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,152 million (2023: US$2,249 million) where the Group is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$99 million (2023: US$110 million) would be payable.
Deferred tax liabilities and assets, prior to offsetting of balances | Analysis of deferred tax Deferred tax balances for which there is a right of offset within the same tax jurisdiction are presented net on the face of the balance sheet as required by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below.
| 2024 US$m | 2023 US$m
Deferred tax assets arising from: |  |
Tax losses(a) | 1,461 | 1,474
Provisions and other liabilities | 4,710 | 3,835
Capital allowances | 1,024 | 961
Post-retirement benefits | 187 | 210
Unrealised exchange losses | 157 | 194
Other temporary differences(b) | 911 | 1,433
Total | 8,450 | 8,107
Deferred tax liabilities arising from: |  |
Capital allowances | (5,378) | (5,407)
Unremitted earnings(c) | (391) | (394)
Capitalised and accrued interest | (766) | (304)
Post-retirement benefits | (50) | (72)
Unrealised exchange gains | (13) | (15)
Other temporary differences | (471) | (875)
Total | (7,069) | (7,067)
Credited/(charged) to the income statement |  |
Unrealised exchange losses | (11) | (2)
Tax losses | 98 | 531
Provisions and other liabilities | 785 | 133
Capital allowances | (323) | 628
Tax on unremitted earnings | – | 5
Post-retirement benefits | 28 | (48)
Other temporary differences | (184) | 13
Total | 393 | 1,260
(a)Recognised deferred tax assets of US$1,293 million (2023: US$1,182 million) are subject to expiry if not recovered within certain time limits as specified in local tax legislation and investment agreements. O f those recognised assets, US$66 million (2023: US$nil) would expire within one year if not used, US$93 million (2023: US$140 million) would expire within one to 5 years, and US$1,134 million (2023: US$1,042 million) would expire in more than 5 years. (b)Other temporary differences include research and development, investment and other tax credits and allowances of US$540 million (2023: US$583 million). (c)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,152 million (2023: US$2,249 million) where the Group is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$99 million (2023: US$110 million) would be payable.
Recognised and unrecognised amounts in deferred tax assets | Analysis of deferred tax assets The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities.
| Recognised | Unrecognised
At 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
France | – | – | 1,233 | 1,320
Canada | 331 | 383 | 511 | 501
US(a) | 262 | 204 | 926 | 977
Australia | 1,132 | 991 | 563 | 842
Mongolia(b) | 1,780 | 1,530 | 68 | 235
Other countries | 511 | 516 | 2,677 | 2,541
Total(c)(d) | 4,016 | 3,624 | 5,978 | 6,416
(a)Although our US Group companies expect to generate sufficient taxable profits to utilise existing Federal deferred tax assets, the application of the new Corporate Alternative Minimum Tax (CAMT) rules has resulted in a position where the future tax benefit derived from utilisation of Federal deferred tax assets is limited and consequently these deferred tax assets are included as “unrecognised” in this table. (b)Deferred tax assets in Mongolia include US$419 million (2023: US$310 million) from tax losses that expire if not recovered against taxable profits within 8 years. In addition, amounts have been recognised as deferred tax assets relating to anticipated future deductions. Tax losses and other deferred tax assets have been calculated in accordance with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The interpretation of the Investment Agreement by the Mongolian Tax Authority is under dispute and has been referred to international arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and/or period of recovery of deferred tax assets. (c)US$2,561 million (2023: US$2,455 million) of the unrecognised assets relate to realised or unrealised capital losses, the recovery of which depends on the existence of capital gains in future years. There are time limits, the shortest of which is one year, for the recovery of US$249 million of the unrecognised assets (2023: US$543 million). (d)In addition to the unrecognised deferred tax assets in this table, the Group has accumulated UK foreign tax credits of US$1.4 billion (2023: US$1.3 billion). The credits are not refundable but would be available, if needed, to shelter any UK tax in respect of profits arising in the Escondida business.

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