25Deferred tax

Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after allowable offset) for financial reporting purposes:

	31 December 2018 £’000		Restated(1) 30 June 2018 £’000		Restated(1) 31 December 2017 £’000
US deferred tax assets	(57,636	)	(63,332	)	(77,500	)
UK deferred tax liabilities	33,302		29,134		35,801

Net deferred tax asset	(24,334	)	(34,198	)	(41,699	)

The movements in the net deferred tax asset are as follows:

	31 December 2018 £’000		Restated(1) 30 June 2018 £’000		Restated(1) 31 December 2017 £’000
At the beginning of the period	(34,198	)	(119,949	)	(119,949	)
Expensed to the income statement	9,974		63,519		65,334
(Credited)/expensed to other comprehensive income	(110	)	21,685		10,593
Reclassification to tax receivable	—		547		2,323

At the end of the period	(24,334	)	(34,198	)	(41,699	)

(1) Comparative amounts have been restated - see note 34 to the interim consolidated financial statements for further details.

The prior year reclassification to tax receivable relates to alternative minimum tax payable which prior to the US tax reform was expected to be offset against future US tax liabilities. Following the US tax reform (enacted on 22 December 2017) this is now expected to be repaid to the Group.