annual report 2007 - the Admiral Group plc

ADMIRAL GROUP plc 83The amount of deferred tax income / (expense) recognised in the income statement for each ofthe temporary differences reported above is:Amounts credited to income or expense:31 December200731 December2006£000 £000Tax treatment of Lloyd’s Syndicates 1,395 1,880Tax treatment of share scheme charges 53 (239)Capital allowances 23 (541)Other differences (46) 62Net deferred tax credited to income 1,425 1,162The closing deferred tax balance reflects the change in UK corporation tax rate from 30% to 28%which becomes effective on 1 April 2008. The change in rate does not have a significant impacton the value of the asset.Financial statements 43 - 9425. Share capitalAuthorised:31 December200731 December2006£000 £000500,000,000 ordinary shares of 0.1p 500 500Issued, called up and fully paid:262,721,426 ordinary shares of 0.1p 263 -261,186,599 ordinary shares of 0.1p - 261263 261During 2007, 1,534,827 new ordinary shares of 0.1p were issued to the trusts administering theGroup’s share schemes.570,827 of these were issued to the Admiral Group Share Incentive Plan Trust for the purposes ofthis share scheme. These shares are entitled to receive dividends.964,000 were issued to the Admiral Group Employee Benefit Trust for the purposes of theDiscretionary Free Share Scheme. The Trustees have waived the right to dividend payments,other than to the extent of 0.001p per share, unless and to the extent otherwise directed by theCompany from time to time.