A current tax liability is recognised for the tax payable on the taxable profit of the current and past
periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover
tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between
the recognition of income and expenses in the financial statements and their inclusion in tax
assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent
that it is probable that they will be recovered against the reversal of deferred tax liabilities or other
future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted
or substantively enacted by the reporting date and that are expected to apply to the reversal of the
timing difference, except for revalued land and investment property where the tax rate that applies to
the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted