7. TAXATION    
  2006
£’000 		2005
restated
£’000
Corporation tax on income at 30% (2005: 30%) 2 –
Adjustment in respect of prior years 250 –
Total current tax charge 252 –
Deferred taxation (credit)/charge (1,021) 3,160
  (769) 3,160
Deferred taxation expense for 2005 has been restated as set out in note 1(q).
  2006
£’000 		2005
restated
£’000
Analysis of (credit)/charge in the period    
Current tax 252 –
Deferred tax 503 3,160
Deferred tax (sale of investment property) (1,524) –
  (769) 3,160
     
  2006
£’000 		2005
restated
£’000
Tax on items charged to equity:    
Deferred tax credit in respect of share-based payments (240) (13)
Deferred tax on property revaluations 1,232 –
  992 (13)
     
The differences between the total current tax shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax are as follows:
  2006
£’000 		2005
restated
£’000
Profit before taxation 22,790 23,250
Tax on profit on ordinary activities at 30% (2005: 30%) 6,837 6,975
Permanent differences 773 396
Prior year movements (3,278) (4,196)
Indexation allowance (2,501) (1,464)
Other deferred tax movements (2,600) 1,449
  (769) 3,160