| 31 March 2004 £m |
|
2004 £m |
2003 £m |
|---|---|---|---|
| 101.1 | Deferred tax | 106.1 | 92.9 |
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.
