Deferred tax (Tables)

12 Months Ended

Dec. 31, 2018

The following is the analysis of the deferred tax balances for financial reporting purposes:

The following are the major gross deferred tax assets recognised by the Group and movements thereon in 2018 and 2017:


	Deferred compensation £m			Accounting provisions and accruals £m			Retirement benefit obligations £m			Property, plant and equipment £m			Tax losses and credits £m			Share- based payments £m			Restructuring provisions £m			Other temporary differences £m			Total £m
1 January 2017		95.6			80.6			141.4			70.8			89.7			75.8			5.9			38.2			598.0
Acquisition of subsidiaries		–			–			–			–			–			–			–			2.6			2.6
(Charge)/credit to income		(5.5	)		6.6			(10.2	)		6.9			(34.4	)		(0.4	)		(1.5	)		(21.7	)		(60.2	)
Impact of US tax reform		(30.8	)		(8.1	)		(29.1	)		(6.8	)		23.1			(10.9	)		1.6			(1.1	)		(62.1	)
Charge to other comprehensive income		–			–			(20.9	)		–			–			–			–			–			(20.9	)
Charge to equity		–			–			–			–			–			(27.3	)		–			–			(27.3	)
Exchange differences		(5.8	)		5.8			(5.6	)		(2.5	)		(5.7	)		(4.2	)		(0.2	)		(0.1	)		(18.3	)
31 December 2017		53.5			84.9			75.6			68.4			72.7			33.0			5.8			17.9			411.8
Acquisition of subsidiaries		–			–			–			–			–			–			–			2.0			2.0
Credit/(charge) to income		4.7			13.0			(11.2	)		(20.6	)		(8.9	)		(15.3	)		10.7			11.0			(16.6	)
Charge to other comprehensive income		–			–			(0.2	)		–			–			–			–			–			(0.2	)
Charge to equity		–			–			–			–			–			(1.6	)		–			–			(1.6	)
Exchange differences		3.4			3.5			4.3			0.1			3.3			0.7			0.8			0.5			16.6
31 December 2018		61.6			101.4			68.5			47.9			67.1			16.8			17.3			31.4			412.0

In addition the Group has recognised the following gross deferred tax liabilities and movements thereon in 2018 and 2017:


	Brands and other intangibles £m			Associate earnings £m			Goodwill £m			Property, plant and equipment £m			Financial instruments £m			Other temporary differences £m			Total £m
1 January 2017		755.9			28.3			232.5			36.2			64.0			33.1			1,150.0
Acquisition of subsidiaries		21.4			–			–			–			–			–			21.4
(Credit)/charge to income		(49.9	)		(6.0	)		0.7			(0.5	)		(3.3	)		5.1			(53.9	)
Impact of US tax reform		(203.8	)		–			(76.3	)		(11.9	)		(22.2	)		18.0			(296.2	)
Charge to other comprehensive income		–			–			–			–			–			3.7			3.7
Exchange differences		(34.4	)		(0.7	)		(16.5	)		(2.6	)		(2.3	)		(3.3	)		(59.8	)
31 December 2017		489.2			21.6			140.4			21.2			36.2			56.6			765.2
Acquisition of subsidiaries		10.7			–			–			–			–			–			10.7
(Credit)/charge to income		(68.8	)		(3.9	)		31.8			(0.3	)		(0.9	)		(20.7	)		(62.8	)
Charge to other comprehensive income		–			–			–			–			–			0.5			0.5
Exchange differences		7.5			(0.1	)		10.1			1.3			4.6			1.5			24.9
31 December 2018		438.6			17.6			182.3			22.2			39.9			37.9			738.5