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19. NON-CURRENT TAX
Group |
||
2008 |
2007 |
|
£'000 |
£'000 |
|
| Assets | 708 |
364 |
| Deferred tax asset | — |
1,148 |
| Overseas tax recoverable | 708 |
1,512 |
Liabilities |
||
| Overseas tax provision | — |
1,146 |
A deferred tax asset arises as a result of the fair value adjustment to the carrying value of intangible assets on the acquisition of Groupe CS Dermatologie.
On 8 July 2008, Sinclair Pharma France received judgement in its favour in the case against the French tax authorities relating to disputed tax charges levied on Groupe CS Dermatologie prior to its acquisition by Sinclair. The provision against this tax asset has therefore been released as an exceptional item.
The movement on the deferred tax asset is as follows:
Group |
||
2008 |
2007 |
|
£'000 |
£'000 |
|
| At beginning of the year | 364 |
583 |
| Reclassified to current tax | (7) |
— |
| Credited/(charged) to the income statement | 351 |
(219) |
| At 30 June | 708 |
364 |