Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity.
Taxation assets and liabilities are not discounted.
Tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arse from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is periods different from those in which they are recognised in a financial statement. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent it's probable that they will be against the reversal of deferred tax liabilities or other future taxable profits.