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22 Provision for liabilities and charges
| Group | Parent | |||
|---|---|---|---|---|
2004 £m |
2003 £m |
2004 £m |
2003 £m |
|
At 1 April 2003 |
92.7 |
89.6 |
2.1 |
0.2 |
Liabilities assumed on consolidation of former joint ventures |
5.4 |
|||
Charged to profit and loss account |
3.0 |
3.1 |
(1.7) |
1.9 |
At 31 March 2004 |
101.1 |
92.7 |
0.4 |
2.1 |
Deferred tax is provided as follows: |
||||
Capital allowances |
104.9 |
90.1 |
||
Other timing differences |
(3.8) |
2.6 |
0.4 |
2.1 |
101.1 |
92.7 |
0.4 |
2.1 |
|
The deferred tax liability relates primarily to capital allowances claimed
on plant and machinery within investment properties. When a property is sold
and the agreed disposal value for this plant and machinery is less than original
cost, there is a release of the surplus part of the provision. The entire
amount of the capital allowance provision would be expected to be released
on sale.
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