Annual Report and Financial Statements 2011

ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 73

17.Deferred tax assets and liabilities

(a) Recognised deferred assets and liabilities Deferred tax assets and liabilities are attributable to the following:

Assets £m

Employee benefits*

Share-based payments Unused tax losses

Property, plant and equipment

Receivables, payables and provisions Intangible assets – management contracts

Unrealised fair value gains on available for sale assets Net deferred tax assets/(liabilities)

6.9

11.1 5.5 2.7 2.1 – –

28.3

31 December 2011 Liabilities

£m –

– – – –

(32.1) (0.3)

(32.4) * Includes £5.1m (31 December 2010: £7.3m) relating to deferred tax on defined benefit pension deficit.

Based on Board-approved budgets and forecasts, the Directors believe that it is appropriate to recognise deferred tax assets at the reporting date because it is considered probable that there will be suitable taxable profits from which the underlying temporary differences can be deducted.

(b) Movement in temporary differences during the year 1 January Recognised Recognised Revaluation 2011 £m

in income £m

Employee benefits

Share-based payments Unused tax losses

Property, plant and equipment

Receivables, payables and provisions Intangible assets – management contracts

Unrealised fair value gains on available for sale assets 8.3

12.8 4.2 2.9 2.7

(47.3) (0.8)

(17.2)

1 January 2010 £m

Employee benefits

Share-based payments Unused tax losses

Property, plant and equipment Receivables, payables & provisions

Intangible assets – management contracts Unrealised fair value gains on available for sale assets

15.3 12.4 0.6 2.6 3.4

(57.7) (0.6)

(24.0) (0.4)

in equity £m

(0.9)

in year £m

(0.1)

Acquired 31 December in year £m

– 6.9

(1.7) ––– 11.1 1.3 ––– 5.5 (0.2) ––– 2.7 (0.5) 14.9 –

(0.1) –– 2.1 –

0.3 13.4

Recognised in income £m

(4.2) 0.2 – –

Recognised in equity £m

(3.2)

Revaluation in year £m

(0.1)

Net £m

6.9

11.1 5.5 2.7 2.1

(32.1) (0.3)

(4.1)

Assets £m

8.3

12.8 4.2 2.9 2.7 – –

30.9

31 December 2010 Liabilities

£m –

– – – –

(47.3) (0.8)

(48.1)

Net £m

8.3

12.8 4.2 2.9 2.7

(47.3) (0.8)

(17.2)

2011 £m

(32.1)

0.5 –– (0.3) (0.5)

Acquired 31 December in year £m

2010 £m

0.5 8.3

15.8 –

14.9

0.4 ––– 12.8 3.6 ––– 4.2 0.1 –– 0.2 (0.8) –– 0.1 –

2.9 2.7

(0.3) (3.5)

1.0 0.1

1.0

(6.4) –

(5.6)

(47.3) (0.8)

(17.2)

(c) Unrecognised deferred tax assets and liabilities At 31 December 2011 the Group has unrecognised tax losses of £0.3m (31 December 2010: £0.3m) that are available indefinitely for offset against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they cannot be used to offset taxable profits elsewhere in the Group, and they have arisen in companies that have not reported taxable profits for some time.

(4.1)

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