b'Notes to the consolidated financial statements continuedFor the year ended 31 March 20208. Exceptional itemsThe exceptional items for the year ended 31 March 2020 represent costs incurred in the acquisition of the VCT fund management business of NVM Private Equity LLP in December 2019 and restructuring costs. Total acquisition costs amounted to 384,000. Of this total 87,000 were share issue related costs and have been charged to the share premium account (note 26). The balance of 297,000 has been charged to the consolidated statement of comprehensive income, as an exceptionalnon-trading and non-recurring cost.The balance of 398,000 is in respect of staff related costs incurred in connection with a restructuring which took place in March 2020.9. Finance incomeYear ended Year ended31 March 31 March2020 2019000 000Interest income arising from:Cash and cash equivalents 101 147Short-term liquidity investments 29 74Investee company loans (interest and redemption premiums) 116 341Total interest receivable 246 56210. Finance costsYear ended Year ended31 March 31 March2020 2019000 000Interest costs arising from:Interest payable on leases 26 Total interest payable 26 11. TaxationYear ended Year ended31 March 31 March2020 2019000 000Corporation tax:Current yearDeferred tax (159) (54)(159) (54)The UK standard rate of corporation tax is 19% (2019: 19%). There is no current tax charge in the year (2019: nil). The deferred tax credit of 159,000 (2019: 54,000) represents the unwinding of the deferred tax liabilities recognised in respect of the intangible assets arising on the acquisition of Enterprise Ventures and the acquisition of the VCT fund management business of NVM Private Equity LLP.A reconciliation from the reported loss to the total tax credit is shown below:Year ended Year ended31 March 31 March2020 2019000 000(Loss)/profit before taxation (17,613) 2,566Tax at the standard rate of corporation tax in the UK of 19% (2019: 19%) (3,347) 488Effects of:Income not subject to tax (1,200) (913)Expenses not deductible for tax purposes 3,181 (1,210)Other timing differences not recognised 1,366 1,635Unwinding of deferred tax liability (159) (54)Total tax credit (159) (54)90 Mercia Asset Management PLCAnnual Report and Accounts 2020'