There are other deferred tax assets totalling £119m (2002 £35m) that have not been recognised on the basis that their future economic benefit is uncertain.
The undistributed profits of overseas subsidiary undertakings and joint ventures may be liable to overseas taxes and/or United Kingdom tax (after allowing for double tax relief) if remitted as dividends to the UK. No deferred tax has been provided as there are currently no commitments to pay such dividends.
The analysis of the deferred tax position is as follows:
Fixed asset timing differences
Other timing differences
Advance corporation tax
The above figures exclude taxation payable on capital gains which might arise from the sale of fixed assets at the values at which they are stated in the Group’s balance sheet.