| Year ended 31 March 2004 £m |
|
|
2004 £m |
2003 Restated £m |
|---|---|---|---|---|
| 14.5 | 14.0 | 11.4 | ||
| (0.4) | British Land Group: | Corporation tax | 5.7 | 6.5 |
| 5.7 | Deferred tax | 5.0 | 0.1 | |
| 8.0 | Share of joint ventures (note 8): | Corporation tax | 4.1 | 4.5 |
| 1.2 | Deferred tax | (0.8) | 0.3 |
Contingent tax
The unprovided tax, in relation to equity shareholders' funds of £5,265.0 million, which would arise on the disposal of British Land Group properties, investments in joint ventures and other investments, at valuation, after available loss relief, but without recourse to tax structuring is in the region of £660 million (31 March 2004: £570 million; 30 September 2003: £440 million).
Adjusted net assets are £5,461.5 million and are stated after adding back the FRS 19 provision of £113.6 million and the surplus on development and trading properties of £82.9 million. The unprovided tax, in relation to adjusted net assets, which would arise on the disposal of British Land Group properties, other investments, and share of properties held in joint ventures, at valuation, after available loss relief, but without recourse to tax structuring is in the region of £770 million (31 March 2004: £680 million; 30 September 2003: £560 million).
