26 Contingent and other liabilities

TPP Investments Limited, a wholly owned ringfenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £43.6m and recourse is only to the partnership assets. Details of this Partnership are set out in the JointVenture review.

In addition to contingent tax, as described in note 7, contingent liabilities of the parent for guarantees to third parties amounted to £nil (2003: £12.0m).