Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

AssetsLiabilitiesNet
2017
£000
2016
£000
2017
£000
2016
£000
2017
£000
2016
£000
Property, plant and equipment(81)(70)1,6971,7431,6161,673
Intangible assets(115)(53)2,1912,2402,0762,187
Inventories(774)(737)(774)(737)
Provisions/accruals(537)(327)188159(349)(168)
IFRS2 Share based payments(835)(903)(835)(903)
Tax losses(457)(539)(457)(539)
Tax (assets)/liabilities(2,799)(2,629)4,0764,1421,2771,513
Tax set-off440464(440)(464)
Net tax (assets)/liabilities(2,359)(2,165)3,6363,6781,2771,513

A potential £2.10m (2016: £1.62m) deferred tax asset relating to the Company's trapped management losses was not recognised on the grounds that recovery of these losses is highly unlikely.

Movement in deferred tax during the year

1 April
2016
£000
Recognised in income
£000
Recognised in equity^
£000
31 March
2017
£000
Property, plant and equipment1,673(135)781,616
Intangible assets2,187(270)1592,076
Inventories(737)15(52)(774)
Provisions/accruals(168)(188)7(349)
IFRS2 Share based payments(903)(62)130(835)
Tax losses(539)152(70)(457)
1,513(488)2521,277

Movement in deferred tax during the prior year

1 April
2015
£000
Recognised in income
£000
Recognised in equity^
£000
31 March
2016
£000
Property, plant and equipment1,52292591,673
Intangible assets2,274(259)1722,187
Inventories(571)(155)(11)(737)
Provisions/accruals(143)(30)5(168)
IFRS2 Share based payments(649)(164)(90)(903)
Tax losses(53)(467)(19)(539)
2,380(983)1161,513

^ Amounts recognised in equity include the deferred tax on IFRS2 share based payments and the equity element of foreign exchange differences taken to reserves