6 Deferred tax
The major deferred tax liabilities and assets recognised by the Company and movements thereon are as follows:
| Accelerated capital allowance and other short-term timing differences £m |
Retirement benefit obligations £m |
Share-based payments £m |
Total £m |
|
|---|---|---|---|---|
| At 1 January 2008 | 0.5 | 0.9 | 1.3 | 2.7 |
| Credit/(debit) to the profit and loss account | 0.3 | (0.1) | - | 0.2 |
| Credit to equity | - | - | (0.9) | (0.9) |
| At 31 December 2008 | 0.8 | 0.8 | 0.4 | 2.0 |
Certain deferred tax assets and liabilities have been offset. The analysis of the deferred tax balances (after offset) for financial reporting purposes is as follows:
| Deferred tax within: | 2008 £m |
2007 £m |
|---|---|---|
| Current assets | 1.2 | 1.8 |
| Retirement benefit obligations | 0.8 | 0.9 |
| 2.0 | 2.7 |
At the balance sheet date, the Company has unused tax losses of £0.6m (2007: £0.6m) available for offset against future profit. No deferred tax asset has been recognised in respect of £0.2m (2007: £0.2m) of such losses due to the unpredictability of future profit streams.