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21 Deferred taxation
All figures in £ millions    
Summary of movements
At 31 December 2003   145
Exchange differences   (9)
Transfers   41
Net release in the year   (12)
At 31 December 2004   165
 
All figures in £ millions 2004 2003
Deferred taxation derives from
Capital allowances (31) (21)
Tax losses carried forward 150 168
Taxation on unremitted overseas earnings (2) (4)
Other timing differences 48 2
  165 145
Deferred taxation not provided
Relating to gains subject to roll-over relief - 1

Note The Group has calculated deferred tax not provided on rolled over gains in 2004, taking into account the indexation allowance which would be deductible on a disposal of the asset into which the gain was rolled. The recovery of the deferred tax asset relating to tax losses carried forward is dependent on future taxable profits arising mainly in the US. The Group regularly reviews its projections of these future taxable profits to ensure that recoverability of the asset is still foreseeable.

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