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What is the balance of deferred tax for kamara

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Question - Kamara Ltd purchased an item of plant at a cost of £15 million on 1 January 2019. Kamara charged depreciation at 25% per annum (straight line) and received capital (taxation) allowances of 40% (reducing balance) in respect of the purchase. This was the only temporary difference in respect of the years to 31 December 2020 and 2021. The tax rate is 20%.

Required - What is the balance of Deferred Tax for Kamara for the year ended 31 December 2021?

A. £450,000 credit

B. £420,000 debit

C. £420,000 credit

D. £102,000 credit

Reference no: EM133182604

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