| 31 December 2004 £m |
31 December 2003 £m |
|
|---|---|---|
| Full potential deferred tax liabilities | ||
| Tangible fixed assets accelerated capital allowances | (297) | (175) |
| Other timing differences | (108) | (21) |
| Dividends of overseas subsidiary undertakings | (16) | (16) |
| Total gross deferred tax liabilities | (421) | (212) |
| Less: deferred tax liabilities not provided | – | – |
| Total deferred tax liabilities provided | (421) | (212) |
| Full potential deferred tax assets | ||
| Provisions | 8 | 3 |
| Tax losses | 166 | 86 |
| Other timing differences | 20 | 35 |
| Total gross deferred tax assets | 194 | 124 |
| Less: deferred tax assets not recognised | (127) | (117) |
| Total deferred tax asset recognised | 67 | 7 |
| Net deferred tax liability recognised | (354) | (205) |