Notes to the Company financial statements
3. Debtors
| 2008 £m |
2007 £m |
|
|---|---|---|
| Amounts falling due within one year: | ||
| Amounts owed by subsidiary undertakings | 8,542 | 9,047 |
| Prepayments and accrued income | 3 | 3 |
| 8,545 | 9,050 | |
| Amounts falling due after more than one year: | ||
| Amounts owed by subsidiary undertakings | 2,808 | – |
| Deferred taxation | 3 | 3 |
| 2,811 | 3 |
| Deferred taxation £m |
||
|---|---|---|
| At 1 April 2006 | (5) | |
| Charged to equity | (4) | |
| Charged to the profit and loss account (i) | 12 | |
| At 1 April 2007 | 3 | |
| Credited to equity | 4 | |
| Credited to the profit and loss account (i) | (4) | |
| At 31 March 2008 | 3 |
(i) Included is a deferred tax charge of £2m (2007: credit of £13m) in respect of prior years.
Factors that may affect future deferred tax charges
The changes enacted in the Finance Act 2007 included a reduction in the UK Corporation Tax rate from 30% to 28% with effect from 1 April 2008. The deferred tax expected to reverse has been measured using the 28% rate.