THE UNITE GROUP PLC Annual Report and Accounts 2024 171 2.5d) Tax – balance sheet continued 2023 Charged/ Charged/ At 31 (Credited) in (Credited) in At 31 December 2022 income equity December 2023 £m £m £m £m Investments 0.4 - - 0.4 Property, plant and machinery (2.8) (2.1) - (4.9) Share schemes (1.2) (0.4) 0.5 (1.1) Tax value of carried forward losses recognised - 0.2 (0.2) - Net tax liabilities/(assets) (3.6) (2.3)* 0.3 (5.6) * The £2.3 million credit above includes tax movements totalling £2.5 million in respect of Property, plant and machinery, Share schemes, and Losses which are included in EPRA, which is why they are not included in the IFRS reconciliation in note 2.2b); removing them results in achieving the £0.2 million movement which is excluded as per EPRA’s best practice recommendations. The deferred tax liability at 31 December 2024 has been calculated based on the rate at which it is expected to reverse. As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax liability has been recognised in relation to these assets. Company Deferred tax has not been recognised on temporary differences of £1.7 million (2023: £1.7 million) in respect of revaluation of subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested. 2.6 Audit fees During the year, the Group obtained the following services from the Company’s auditor and its associates: 2024 2023 £m £m Fees payable to the Group’s auditors for the audit of the Parent Company and consolidated financial statements 0.6 0.5 Fees payable to the Group’s auditors for other services to the Group: - Audit of the financial statements of subsidiaries 0.1 0.1 Total audit fees payable to the Group’s auditors 0.7 0.6 Audit-related assurance services 0.1 0.1 Other services 0.1 - Total non-audit fees 0.2 0.1 Non-audit fees in 2023 relate entirely to services provided in respect of the half-year review. Within 2024, non-audit fees include services provided in respect of the half year review and reporting accounting procedures. Details on the Company’s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk Committee report on pages 101-105. No services were provided pursuant to contingent fee arrangements.