
		At March 31,
		2026		2025		2024
		€M		€M		€M
Current tax assets
Corporation tax assets		—		—		—
Total current tax assets		—		—		—

Current tax liabilities
Corporation tax liabilities		79.8		107.1		66.6
Total current tax liabilities		79.8		107.1		66.6

Deferred tax assets
Tax losses and temporary differences on plant, equipment and derivatives		(2.3)		(1.6)		(2.1)
Total deferred tax assets		(2.3)		(1.6)		(2.1)

Deferred tax liabilities
Temporary differences on property, plant and equipment and derivatives		671.5		377.1		362.0
Total deferred tax liabilities		671.5		377.1		362.0

The components of the tax expense in the income statement were as follows:


	Year ended
	March 31,
	2026	2025	2024
	€M	€M	€M
Corporation tax charge	224.2	125.4	49.4
Deferred tax charge relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items	25.4	47.4	161.5
	249.6	172.8	210.9

The deferred tax movement per each type of temporary difference is detailed below:


	Year ended
	March 31,
	2026	2025	2024
	€M	€M	€M
Property, plant and equipment	25.2	23.6	53.4
Net operating losses	0.2	23.8	108.0
Other	—	—	0.1
Deferred tax charge	25.4	47.4	161.5

Deferred tax applicable to items charged or credited to other comprehensive income were as follows:


	At March 31,
	2026	2025	2024
	€M	€M	€M
Effective portion of changes in fair value of cash-flow hedges	229.2	(22.3)	48.7
Net change in fair value of cash-flow hedges transferred to property, plant and equipment	1.6	(3.4)	(11.8)
Net other changes in fair value of cash-flow hedges transferred to profit or loss	37.5	(6.1)	8.8
Total tax charge/(credit) in other comprehensive income	268.3	(31.8)	45.7

The principal components of net deferred tax at each year-end were:


	At March 31,
	2026	2025	2024
	€M	€M	€M
Arising on designated hedging instruments	254.6	(11.8)	18.2
Property, plant and equipment	416.0	388.9	367.1
Net operating losses	(1.4)	(1.6)	(25.4)
Total	669.2	375.5	359.9