Mr. Derek Moran:

I believe this would be less of a puzzle. The lumping nature of corporation tax means that the variation from one month to the next, especially in the lower target months, is not significant. I would be far more concerned if we saw big shortfalls as we go through May and June, which are big payment months. The capacity for that to be picked up as a change in the reporting of payment dates by a small group of companies is quite significant. This is why I do not believe that it being behind profile would raise concerns. If we saw a repeat in May and June then, needless to say, it would perhaps be a more serious concern.