BusinessCompany NewsRBS recognises £6bn deferred tax asset

RBS recognises £6bn deferred tax asset

Bank bailed out by the government says it has recognised more than £6bn in deferred tax to be offset against future profits and pays £208m for bankers bonus tax

RBS has recognised a £6bn deferred tax asset, which it will use to offset
against its tax bill on future profits.

The banking giant, bailed out by the British taxpayer also said in its income
statement to 31 December that it had paid a payroll tax of £208m for bankers
bonuses.

RBS said in a statement to the City: “The group has recognised a deferred tax
asset at 31 March 2010 of £6.5bn (31 December 2009 – £6.4m), of which £4.4bn (31
December 2009 – £4.8bn) relates to carried forward trading losses in the UK.

“Under UK tax legislation, these losses can be carried forward indefinitely
to be utilised against profits arising in the future.

“The group has considered the carrying value of this asset at 31 March 2010
and concluded that it is recoverable based on base case future profit
projections.”

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