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Deferred tax | 6 Months Ended
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Dec. 31, 2024
Deferred tax |
Deferred tax | 18Deferred 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 | ​ | 30 June | ​ | 31 December
​ |  | 2024 |  | 2024 |  | 2023
​ | ​ | £’000 | ​ | £’000 | ​ | £’000
Net deferred tax asset/(liability) |  | 25,779 |  | 17,607 |  | (924)
​ The movements in the net deferred tax asset/(liability) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 30 June | ​ | 31 December
​ |  | 2024 |  | 2024 | ​ | 2023
​ | ​ | £’000 | ​ | £’000 |  | £’000
At the beginning of the period |  | 17,607 |  | (3,304) |  | (3,304)
Credited to the statement of profit or loss (Note 11) |  | 7,311 |  | 19,559 |  | 1,038
Credited to other comprehensive income (Note 11) |  | 861 |  | 1,667 |  | 1,342
Expense relating to share-based payments | ​ | — | ​ | (315) | ​ | —
At the end of the period |  | 25,779 |  | 17,607 |  | (924)
​ Group profits are subject to both UK and US corporate tax. The current US federal corporate income tax rate is 21% compared to the substantively enacted UK corporation tax rate of 25%. As the UK corporation tax rate is higher than the US federal corporate income tax rate, it is forecast that all future US cash tax will be sheltered by foreign tax credits derived from UK tax paid. A potential US deferred tax asset at the period end has therefore not been recognised as it is not forecast to give rise to a future economic benefit. Future increases in the US federal corporate income tax rate could result in the recognition of the US deferred tax asset. Significant estimates – recognition of deferred tax assets Deferred tax assets are recognized only to the extent that it is probable that the associated deductions will be available for use against future profits and that there will be sufficient future taxable profit available against which the temporary differences can be utilized, provided the asset can be reliably quantified. In estimating future taxable profit, management use “base case” approved forecasts which incorporate a number of assumptions, including a prudent level of future uncontracted revenue in the forecast period. In arriving at a judgment in relation to the recognition of deferred tax assets, management considers the regulations applicable to tax, advice on their interpretation and potential future business planning. Future taxable income may be higher or lower than estimates made when determining whether it is appropriate to record a tax asset and the amount to be recorded. Furthermore, changes in the legislative framework or applicable tax case law may result in management reassessing the recognition of deferred tax assets in future periods.

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- References No definition available. + Details
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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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