Rolls-Royce Holdings plc – Annual report – 31 December 2023
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 2022 deferred tax relates to the disposal of ITP Aero
The analysis of the deferred tax position is as follows:
1 Other temporary differences mainly relate to the deferral of relief for interest expenses 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
Accounts examples 