Notes to the accounts
19. Deferred taxation
| Assets $m |
2008 (Liabilities) $m |
Total $m |
Assets $m |
2007 (Liabilities) $m |
Total $m |
|
|---|---|---|---|---|---|---|
| UK property, plant and equipment | 2.3 | – | 2.3 | – | (0.2) | (0.2) |
| US property, plant and equipment | – | (15.8) | (15.8) | – | (18.3) | (18.3) |
| Inventory valuation | – | (77.4) | (77.4) | – | (56.1) | (56.1) |
| Allowances for doubtful debts | 22.1 | – | 22.1 | 18.9 | – | 18.9 |
| Revenue deferral (extended service agreements) | 46.2 | – | 46.2 | 40.6 | – | 40.6 |
| Straight line lease payments | 17.3 | – | 17.3 | 15.2 | – | 15.2 |
| Deferred compensation | 13.3 | – | 13.3 | 11.6 | – | 11.6 |
| Retirement benefit obligations | 1.6 | – | 1.6 | – | (1.2) | (1.2) |
| Other temporary differences | 11.0 | (0.9) | 10.1 | 18.5 | – | 18.5 |
| UK property related, net | 0.3 | – | 0.3 | 0.2 | – | 0.2 |
| Value of UK capital losses | 27.7 | – | 27.7 | 29.4 | – | 29.4 |
| Total deferred tax assets/(liabilities) | 141.8 | (94.1) | 47.7 | 134.4 | (75.8) | 58.6 |
| Valuation allowance | (28.0) | – | (28.0) | (29.6) | – | (29.6) |
| Deferred tax assets/(liabilities) | 113.8 | (94.1) | 19.7 | 104.8 | (75.8) | 29.0 |
| UK | 3.0 | 0.2 | ||||
| US | 16.7 | 28.8 | ||||
| Deferred tax assets | 19.7 | 29.0 |
The difference on translation in respect of deferred tax posted directly to equity in the period ended 2 February 2008 was $0.1 million charge (2007: $3.0 million charge).
Movement in deferred tax assets:
| $m | |
|---|---|
| At 3 February 2007 | 29.0 |
| Amounts recognised in equity: | |
| – Retirement benefit obligations | 4.5 |
| – Other temporary differences | (2.8) |
| Charge in the period to the income statement | (8.8) |
| Transfers to current tax | (2.1) |
| Difference on translation | (0.1) |
| At 2 February 2008 | 19.7 |