Rolls-Royce Holdings plc – Annual report – 31 December 2024
Industry: manufacturing
5 Taxation (extract 1)
5 Taxation (extract 2)
Deferred taxation assets and liabilities
1 The 2023 deferred tax relates to the acquisition of Team Italia Marine S.R.L.
The analysis of the deferred tax position is as follows:
1 Other temporary differences mainly relate to the deferral of relief for interest expenses and share based payments in the UK and revenue recognised earlier under local GAAP compared to IFRS in Germany
2 Prior to 1999, advance corporation tax was paid to the UK Tax Authority when cash dividends were paid by the Group. This was a payment on account which was available to offset against UK corporation tax liabilities. Any unused balance remaining after 1999 can be carried forward indefinitely and utilised against future UK corporation tax liabilities. The balance has been de-recognised in 2024 following the Group’s announcement to reinstate shareholder distributions via cash dividends, which will prevent utilisation of the surplus advance corporation tax balance
Accounts examples 