28 Deferred tax
| Revaluation | |||
|---|---|---|---|
| surplus | Other | Total | |
| £m | £m | £m | |
| Group | |||
| Deferred tax liability | |||
| At 1st January 2009 | 8.9 | (1.7) | 7.2 |
| Provided during the year in the income statement | – | 1.0 | 1.0 |
| Released during the year in the income statement | (0.8) | (1.5) | (2.3) |
| At 31st December 2009 | 8.1 | (2.2) | 5.9 |
| At 1st January 2008 | 13.1 | (2.3) | 10.8 |
| Provided during the year in the income statement | – | 0.6 | 0.6 |
| Released during the year in the income statement | (4.2) | – | (4.2) |
| At 31st December 2008 | 8.9 | (1.7) | 7.2 |
| Company | |||
| Deferred tax asset | |||
| At 1st January 2009 | – | 0.3 | 0.3 |
| Provided during the year in the income statement | – | 1.3 | 1.3 |
| At 31st December 2009 | – | 1.6 | 1.6 |
| At 1st January 2008 | – | 1.3 | 1.3 |
| Released during the year in the income statement | – | (1.0) | (1.0) |
| At 31st December 2008 | – | 0.3 | 0.3 |
Due to the group’s conversion to REIT status on 1st July 2007, deferred tax is only provided on the revaluation surplus of properties outside the REIT regime. Deferred tax on the revaluation surplus is calculated on the basis of the chargeable gains that would crystallise on the sale of the investment property portfolio as at each balance sheet date. The calculation takes account of available indexation on the historic cost of the properties and any available capital losses.
At 31st December 2008, due to the uncertainty over their availability, £11.9m of tax losses were not recognised as a deferred tax asset. There were no such tax losses at 31st December 2009.