December 27, 2017 / 9:14 AM / 23 days ago

BRIEF-Barclays Says Expects 1 Bln Pound Charge On Pretax Profit From U.S. Tax Reform ​

Dec 27 (Reuters) - Barclays Plc:

* ‍NOTES TAX CUTS AND JOBS ACT ENACTED ON 22 DECEMBER 2017, REDUCING STATUTORY RATE OF US FEDERAL CORPORATE INCOME TAX TO 21%​

* ‍EXPECTS MEASUREMENT OF ITS US DEFERRED TAX ASSETS TO REDUCE BY C.£1BN AS A RESULT OF REDUCED TAX RATE​

* ‍EXPECTS NET OF A C.£0.3BN INCREASE TO US DTAS, UNRELATED TO ACT, DUE TO A REVALUATION OF BARCLAYS BANK PLC‘S US BRANCH DTAS​

* ‍AGGREGATE REDUCTION IN MEASUREMENT OF US DTAS IS EXPECTED TO RESULT IN AN ASSOCIATED ONE-OFF CHARGE OF C.£1BN TO GROUP PROFIT AFTER TAX​

* BARCLAYS - REDUCTION IN MEASUREMENT OF US DTAS IS EXPECTED TO RESULT C.20 BASIS POINT REDUCTION TO GROUP CET1 RATIO, DECREASE OF C.6 PENCE TO TNAV/SHARE​

* ‍REDUCTION IN STATUTORY US FEDERAL RATE IS EXPECTED TO POSITIVELY IMPACT BARCLAYS’ FUTURE US AFTER TAX EARNINGS​

* BARCLAYS- ‍ULTIMATE IMPACT IS SUBJECT TO EFFECT OF OTHER COMPLEX PROVISIONS IN ACT WHICH BARCLAYS IS CURRENTLY REVIEWING​

* ‍CURRENTLY NOT POSSIBLE TO RELIABLY ESTIMATE WHETHER BEAT WILL APPLY AND IF SO, HOW IT WOULD IMPACT BARCLAYS​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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