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Notes to the accounts

continued


22 Deferred tax (continued)

Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net.

Capital gains tax on land and buildings Accelerated tax depreciation Revaluation of land and buildings Rollover gains Other Total
Deferred tax liabilities £m £m £m £m £m £m

At 26 January 2008 – 166.7 21.8 23.9 1.4 213.8
Credited to income statement 0.2 2.6 (15.5) 0.2 (0.2) (12.7)

At 31 January 2009 0.2 169.3 6.3 24.1 1.2 201.1
Charged to income statement (0.2) 11.4 0.4 (0.7) 1.0 11.9

At 30 January 2010 – 180.7 6.7 23.4 2.2 213.0

Capital gains tax on land and buildings Pensions and provisions Capital losses Total
Deferred tax assets £m £m £m £m

At 26 January 2008 (14.2) (154.3) (0.2) (168.7)
Charged to income statement 14.2 10.0 0.2 24.4
Credited to equity – (78.5) – (78.5)

At 31 January 2009 – (222.8) – (222.8)
Credited to income statement (2.0) (7.7) (0.1) (9.8)
Credited to equity – (22.3) – (22.3)

At 30 January 2010 (2.0) (252.8) (0.1) (254.9)

Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future profits is probable. There were no unrecognised deferred tax assets in respect of losses for the year ended 30 January 2010 (2009: £nil).

The deferred tax balance associated with the pension deficit has been adjusted to reflect the current tax benefit obtained in the current year following the contribution of the limited partnership interest in JLP Scottish Limited Partnership to the pension scheme (see note 25).

All of the deferred tax liabilities were available for offset against deferred tax assets and hence the net deferred tax asset at 30 January 2010 was £41.9m (2009: £21.7m). The net deferred tax asset is recoverable after more than one year.