Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 174

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 174
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7; report: Board Audit Committee report (continued)

Critical accounting estimates and judgements Tax The Committee is responsible for considering the Group's tax strategy and overseeing compliance with the Group's Tax Principles. Barclays is subject to taxation in a number of jurisdictions globally and makes judgements with regard to provisioning for tax at risk and to the recognition and measurement of deferred tax assets. The Committee received reports from the Global Head of Tax on developments in tax matters during the year, including updates on the work of the Tax Management Oversight Committee. The Committee monitored the Group&#8217;s interactions with tax authorities, developments in tax litigation matters across the Group and the material tax risks for the Group (including considering the adequacy of tax provisions and KPMG's views). The Committee approved the UK Tax Strategy statement published in the Country Snapshot report and recommended the Country Snapshot to the Board for approval. (refer to Note 9 to the financial statements) Going concern and viability Going concern and long-term viability Barclays is required to assess whether it is appropriate to prepare the financial statements on a going concern basis. In accordance with the Code, Barclays must provide a statement of its viability. To support this, the Committee considers both the going concern assumption and the form and content of the Viability Statement. The Committee considered both the going concern assumption and the form and content of the Viability Statement taking into account: &#8226; the Medium Term Plan and Working Capital Report &#8226; the forecast capital, liquidity and funding profiles &#8226; the results of stress tests based on internal and regulatory assumptions. The Committee recommended to the Board that the financial statements should be prepared on a going concern basis and that there were no material uncertainties that would impact the going concern statement which required disclosure. The Committee also recommended the Viability Statement to the Board for approval. Distributions Distributions and return of capital to shareholders The Committee assesses the distributable reserves position in considering management&#8217;s proposals for distributions. The Committee reviewed and recommended to the Board that there were sufficient distributable reserves in relation to (i) a dividend for the financial year ended 31 December 2023 of 5.3p per share along with a share buy-back of up to &pound;1bn; and (ii) a dividend for the half year ended 30 June 2024 of 2.9p per share along with a share buy-back of up to &pound;750m. In early 2025, the Committee reviewed and reported to the Board on the distrib