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| £m | |
|---|---|
| At January 1, 2004 (restated) | 219 |
| Amount charged to income statement | (25) |
| Amount credited to statement of recognised income and expense | 2 |
| Amount credited to equity | 6 |
| Exchange movements | 1 |
| At January 1, 2005 | 203 |
| On implementation of IAS 32 and IAS 39 on January 1, 2005 | (119) |
| At January 1, 2005 (restated) | 84 |
| Amount charged to income statement | (74) |
| Amount credited to statement of recognised income and expense | 84 |
| Amount credited to equity | 162 |
| Exchange movements | 5 |
| At December 31, 2005 | 261 |
The analysis of the deferred tax position is as follows:
| 2005 £m |
2004 £m |
|
|---|---|---|
| Property, plant and equipment | (138) | (131) |
| Other temporary differences | (219) | (181) |
| Pensions and other post-retirement benefits | 505 | 425 |
| Foreign exchange and commodity financial assets and liabilities | (77) | — |
| Losses | 126 | 26 |
| Advance corporation tax | 64 | 64 |
| 261 | 203 | |
Analysed as: |
||
| Deferred tax assets | 439 | 318 |
| Deferred tax liabilities | (178) | (115) |
| 261 | 203 | |
Deferred tax not recognised on unused tax losses and other items1 |
146 | 126 |
- Deferred tax not recognised on the basis that the future economic benefit is uncertain.
In addition there are temporary differences of £467m (2004 £380m) relating to investments in subsidiaries and joint ventures. No deferred tax has been provided in respect of these differences, since the timing of the reversals can be controlled and it is probable that the temporary differences will not reverse in the future.