Gearing (“leverage”) is a measure of debt finance to total finance. I have neither the Q nor A to hand but I guess you are asking why is deferred tax not included in the long-term debt amount. The answer is that it is not debt – and you would similarly exclude other provisions (like pension liabilities and environmental provisions). You might, however, include a bank overdraft balance that was “permanent” in nature (i.e. used long-term even though technically a current liability).