Contents

Financial statements

NOTES TO THE FINANCIAL STATEMENTS

28. Deferred tax

Deferred tax is provided in full on temporary differences under the liability method using a tax rate of 28% (2009 28%).

Movements on the deferred tax account were:

2010
£m

2009
(Restated note 5)
£m

At 1 April

16.0

11.1

Charged to the income statement (note 9)

2.9

6.4

Credited to equity

(1.8)

(2.1)

Arising on acquisitions (note 36)

(0.9)

0.6

At 31 March

16.2

16.0

Deferred tax assets have been recognised in respect of all temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered.

All deferred tax assets and liabilities within the same jurisdiction are offset.

The movements in deferred tax assets and liabilities were:

Deferred tax liabilities

Accelerated tax
depreciation
(Restated note 5)
£m

Revalued
assets
£m

Ineligible asset on acquisition
£m

Intangibles on
acquisition
£m

Total
£m

At 1 April 2008

-

13.8

5.9

1.8

21.5

Credited to the income statement

-

(1.2)

(0.4)

(0.3)

(1.9)

Arising on acquisitions

-

0.5

-

-

0.5

At 31 March 2009

-

13.1

5.5

1.5

20.1

Transfer from deferred tax assets

4.0

-

-

-

4.0

Charged/(credited) to the income statement

4.6

(1.5)

(0.5)

(0.3)

2.3

Arising on acquisitions

2.2

-

1.4

-

3.6

At 31 March 2010

10.8

11.6

6.4

1.2

30.0

Deferred tax assets

Accelerated tax
depreciation
(Restated note 5)
£m

Provisions
£m

Retirement benefit obligations
£m

Tax
losses
£m

Other
£m

Total
(Restated note 5)
£m

At 1 April 2008

(4.0)

(4.6)

(0.4)

-

(1.4)

(10.4)

Charged/(credited) to the income statement

7.9

0.3

0.7

-

(0.6)

8.3

(Credited)/charged to equity

-

-

(2.3)

-

0.2

(2.1)

Arising on acquisitions

0.1

-

-

-

-

0.1

At 31 March 2009

4.0

(4.3)

(2.0)

-

(1.8)

(4.1)

Transfer to deferred tax liabilities

(4.0)

-

-

-

-

(4.0)

Charged/(credited) to the income statement

-

0.3

0.5

0.3

(0.5)

0.6

(Credited)/charged to equity

-

-

(2.1)

-

0.3

(1.8)

Arising on acquisitions

-

(1.4)

-

(3.1)

-

(4.5)

At 31 March 2010

-

(5.4)

(3.6)

(2.8)

(2.0)

(13.8)

Net deferred tax liability:

£m

At 31 March 2009 (restated note 5)

16.0

At 31 March 2010

16.2

The deferred tax credited/(charged) to equity during the year was:

2010
£m

2009
£m

Actuarial losses on defined benefit schemes

2.1

2.3

Share-based payments (note 30)

(0.3)

(0.2)

1.8

2.1