PRA consults on recognition of deferred tax under Solvency II: PRA is consulting on several aspects of the balance sheet and regulatory capital calculations applicable under the forthcoming Solvency II Directive. The proposed supervisory statement sets out PRA's expectations on the credibility of profits projections and on firms' recognition of deferred tax assets or the tax effects of a 1-in-200 shock. (Source: Solvency II: Recognition of Deferred Tax)