NOTES TO THE FINANCIAL STATEMENTS
30. 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 deferred tax were:
Group |
Company |
|||
2010 |
2009 |
2010 |
2009 |
|
Liabilities/(assets) at 1 April |
328.4 |
307.4 |
(2.6) |
(1.6) |
Charged/(credited) to the income statement |
1.3 |
38.3 |
(1.5) |
1.0 |
Credited to equity |
(17.6) |
(17.9) |
(0.9) |
(2.0) |
Arising on acquisitions |
(0.9) |
0.6 |
- |
- |
Liabilities/(assets) at 31 March |
311.2 |
328.4 |
(5.0) |
(2.6) |
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:
Group
Deferred tax liabilities
Accelerated tax depreciation |
||||
Owned assets |
Leased assets |
Other |
Total |
|
At 1 April 2008 |
289.6 |
15.5 |
22.2 |
327.3 |
Credited/(charged) to the income statement |
26.8 |
0.8 |
(0.6) |
27.0 |
Arising on acquisitions |
0.1 |
- |
0.5 |
0.6 |
At 31 March 2009 |
316.5 |
16.3 |
22.1 |
354.9 |
Charged/(credited) to the income statement |
5.1 |
0.7 |
(1.9) |
3.9 |
Arising on acquisitions |
2.2 |
- |
1.4 |
3.6 |
At 31 March 2010 |
323.8 |
17.0 |
21.6 |
362.4 |
Deferred tax assets
Provisions |
Retirement benefit obligations |
Other |
Total |
|
At 1 April 2008 |
(6.6) |
(7.4) |
(5.9) |
(19.9) |
Charged to the income statement |
1.5 |
7.6 |
2.2 |
11.3 |
(Credited)/charged to equity |
- |
(18.7) |
0.8 |
(17.9) |
At 31 March 2009 |
(5.1) |
(18.5) |
(2.9) |
(26.5) |
(Credited)/charged to the income statement |
(1.8) |
0.7 |
(1.5) |
(2.6) |
Credited to equity |
- |
(12.4) |
(5.2) |
(17.6) |
Arising on acquisition |
(1.4) |
- |
(3.1) |
(4.5) |
At 31 March 2010 |
(8.3) |
(30.2) |
(12.7) |
(51.2) |
Net deferred tax liabilities: |
||||
At 31 March 2009 |
328.4 |
|||
At 31 March 2010 |
311.2 |
Company
Deferred tax assets
Retirement benefit obligations |
Other |
Total |
|
At 1 April 2008 |
(0.8) |
(0.8) |
(1.6) |
Charged to the income statement |
1.0 |
- |
1.0 |
(Credited)/charged to equity |
(2.2) |
0.2 |
(2.0) |
At 31 March 2009 |
(2.0) |
(0.6) |
(2.6) |
Credited to the income statement |
- |
(1.5) |
(1.5) |
(Credited)/charged to equity |
(1.2) |
0.3 |
(0.9) |
At 31 March 2010 |
(3.2) |
(1.8) |
(5.0) |
Deferred tax credited to equity during the year was:
Group |
Company |
|||
2010 |
2009 |
2010 |
2009 |
|
Actuarial losses on defined benefit schemes |
12.4 |
18.7 |
1.2 |
2.2 |
Net fair value losses/(gains) on cash flow hedges |
5.0 |
- |
(0.3) |
- |
Deferred tax on other comprehensive loss |
17.4 |
18.7 |
0.9 |
2.2 |
Share-based payments (note 35) |
0.2 |
(0.8) |
- |
(0.2) |
17.6 |
17.9 |
0.9 |
2.0 |
|