Deferred tax

12 Months Ended

Dec. 31, 2022

Deferred tax assets and liabilities [abstract]

Deferred tax

23.Deferred tax

The Group has the following unrecognized deferred tax assets as at December 31, 2022:

	December 31,
	Gross		Net		Gross		Net
	2022		2022		2021		2021
	£000s						£000s
Trading losses		167,828		44,136		152,060		33,910
Share based payments		8,995		2,249		16,625		3,159
Capital losses		7,873		1,968		7,873		1,496
Total unrecognized deferred tax asset		184,696		48,353		176,558		38,565

To total unrecognized deferred tax assets are calculated based on the main corporate tax rate of 25% (19% for 2021 and 2020) as this is the tax rate applicable to when we expect to utilize the these deferred tax assets. Unrecognized deferred tax assets from foreign trading losses are calculated at the tax rate applicable to the related jurisdiction.

Deferred tax assets are recognized where it is probable that future taxable profit will be available to utilize losses. Due to the uncertainty of future capital gains, a deferred tax asset in respect of capital losses was not recognized at December 31, 2022 (2021: nil).