| Consolidated | Parent | ||||||
|---|---|---|---|---|---|---|---|
| 2005 £m |
2004 £m |
2005 £m |
2004 £m |
||||
| At 1 April 2004 | 101.1 | 92.7 | 0.4 | 2.1 | |||
| Liabilities assumed on consolidation of former joint ventures | 5.4 | ||||||
| Charged to profit and loss account | 0.2 | 3.0 | 2.0 | (1.7) | |||
| At 31 March 2005 | 101.3 | 101.1 | 2.4 | 0.4 | |||
| Deferred tax is provided as follows: | |||||||
| Capital allowances | 123.2 | 104.9 | |||||
| Other timing differences | (21.9) | (3.8) | 2.4 | 0.4 | |||
| 101.3 | 101.1 | 2.4 | 0.4 | ||||
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.