	Year ended March 31,
Income tax (provision) benefit:	2021			2020			2019
Current - Federal	$	(126	)	$	(293	)	$	—
Deferred - Federal	$	(1,800	)	$	(368	)	$	(44	)
	$	(1,926	)	$	(661	)	$	(44	)

The statutory standard corporate income tax rate of the Company in Jersey is 0%. Utilization of the net operating losses carried forward against the profits of the subsidiary in the year ended March 31, 2019 resulted in a reduction in the deferred tax asset of $44, with a corresponding provision for income taxes of the same amount. During the year ended March 31, 2020, the Company has reassessed its transfer pricing policies in certain jurisdictions from 2015 to 2017. The reassessment resulted in the reversal of a deferred tax asset of $310 related to net operating losses carried forward and the recording of a current tax accrual of $293.

In connection with the sale and leaseback transaction of the Company’s conventional reagents manufacturing facility, near Edinburgh, Scotland (the “Alan Robb Campus (“ARC”) facility”) that was completed in March 2018, the Company has agreed to transfer tax allowances related to certain other property, plant and equipment to the purchaser of the facility. An election to effect the transfer of these allowances to the purchaser has been made, but due to uncertainty regarding whether the election will be effective, the tax effect of the transfer of the allowances had not previously been recorded in the financial statements. The Company has determined that during the year ended March 31, 2021 it is now more likely than not that this election will be effective and accordingly a net deferred tax expense of $1,200 and an equivalent deferred tax liability have been recorded, including associated adjustments to valuation allowances.

A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows:

	Year ended March 31,
	2021			2020			2019
Income tax expense at statutory rate	$	—		$	—		$	—
Impact of tax uncertainties	$	(1,200	)		(603	)
Foreign tax rate differential		1,706			2,255			5,287
(Increase) decrease in valuation allowance against deferred tax assets		(2,432	)		(2,313	)		(5,331	)
Provision for income tax	$	(1,926	)	$	(661	)	$	(44	)

	March 31, 2021			March 31, 2020
Provisions and reserves	$	1,022		$	1,315
Operating lease liability		4,100			3,409
Fixed asset basis difference		—			—
Net operating loss carry forwards		22,644			19,526
Gross deferred tax assets	$	27,766		$	24,250
Fixed asset basis difference	$	(2,289	)	$	(90	)
Operating lease right-of-use assets	$	(4,100	)	$	(3,409	)
Gross deferred tax liabilities	$	(6,389	)	$	(3,499	)
Net deferred tax asset	$	21,377		$	20,751
Valuation allowance		(22,946	)		(20,514	)
Net deferred taxes	$	(1,569	)	$	237

	March 31, 2021			March 31, 2020
Net noncurrent deferred tax assets	$	255		$	237
Net noncurrent deferred tax liabilities	$	(1,824	)	$	—
Total	$	(1,569	)	$	237

The Company maintains a valuation allowance on net operating losses and other deferred tax assets in jurisdictions for which it does not believe it is more-likely-than-not to realize those deferred tax assets based upon all available positive and negative evidence, including historical operating performance, carryback periods, reversal of taxable temporary differences, tax planning strategies, and earnings expectations.

As of March 31, 2021, the Company has net operating loss carry forwards of approximately $287,136 which will be available to offset future taxable income. If not used, losses with a tax effect of approximately $22,370 will expire between 2022 and 2028. The remaining portion of the carry forward losses arose in jurisdictions where losses do not expire.

During the fiscal year the United Kingdom government announced an increase to the rate of corporate income tax to 25%, effective from April 1, 2023. These changes were not substantively enacted at the balance sheet date and is therefore not reflected in the measurement of deferred tax for the year ended March 31, 2021. The Company has estimated that if the United Kingdom deferred tax balances at March 31, 2021 that are expected to unwind after April 1, 2023 were remeasured at 25%, this would result in an increase in the net deferred tax liability and an equivalent deferred tax expense of $576.

The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes):

	2021		2020		2019
Balance at beginning of year	$	1,216	$	—	$	—
Increases related to current year tax positions		—		1,216		—
Increases related to prior years tax positions		—		—		—
Balance at end of year	$	1,216	$	1,216	$	—

As of March 31, 2021, 2020, and 2019 the Company has an unrecognized benefit of $1,216, $1,216, and $0 respectively, that if recognized would be recorded as a component of tax expense. The Company’s unrecognized tax benefits include exposures related to positions taken on all jurisdictions’ income tax returns. The Company has interest expense carryforward from March 31, 2017 that potentially would be disqualified as interest expense in the amount of $613. Additionally, the Company has reassessed its transfer pricing policies in certain jurisdictions from 2015 to 2017, the impact of which is $603. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities and the Company has accrued a liability when it believes it is more likely than not that the tax position claimed on tax returns will not be sustained by the taxing authorities on the technical merits of the position. Changes in the recognition of the liability are reflected in the period in which the change in judgment occurs.

The Company files separate company income tax returns in its domestic and foreign jurisdictions. All necessary income tax filings in all jurisdictions have been completed for all years up to and including March 31, 2020 and there are no ongoing tax examinations in any jurisdiction.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. During the fiscal years ended March 31, 2021, March 31, 2020 and March 31, 2019, the Company had no amounts accrued for interest and penalties. The Company does not currently anticipate that the total amount of unrecognized tax benefits will result in material changes to its financial position within the next 12 months.