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Esrimeur - Tue, 03 Jan 06 :

scr123:

Although I did notice this on 30 Sept, it occurred to me that there may have been offsetting taxation consequences, given that this was witholding tax on rolled-up interest on instruments held in Brazil. ie - it may have been recoverable in Bermuda, leaving no disclosable P&L tax charge, creditor or contingent liability.

However, I subsequently took the view that the possibility of there being a full offset was akin to zero and, since the figures are rounded to £1,000 and there is no charge/debt whatsoever provided, then by 30/09/05 it was already acknowledged that the alleged asset providing the alleged return probably did not exist (even allowing for materiality). Which is even odder!


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