Notes to the
Accounts

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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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