The following are the major deferred tax liabilities and (assets) recognised by the Group and movements thereon during the current and prior reporting periods:

	Accelerated tax depreciation £m	Tax losses £m	Retirement benefit obligations £m	Other £m	Total £m
At 1 January 2011	41.1	(8.9)	(3.1)	(4.3)	24.8
Charge / (credit) to income	1.4	8.0	0.4	(3.3)	6.5
Credit to equity	–	–	(0.5)	(1.7)	(2.2)
Transfers	(2.9)	(3.8)	(0.1)	5.2	(1.6)
Exchange differences	(0.5)	0.3	0.1	(0.2)	(0.3)
Effect of change in tax rate:
Income statement	0.4	–	–	(0.4)	–
At January 2012	39.5	(4.4)	(3.2)	(4.7)	27.2
Charge / (credit) to income	2.8	(1.1)	(0.7)	(0.9)	0.1
Credit to equity	–	–	(1.4)	(1.0)	(2.4)
Acquisition of subsidiaries	–	–	–	(0.2)	(0.2)
Transfers	(0.1)	(0.8)	0.1	0.8	–
Exchange differences	(1.5)	0.2	0.1	0.2	(1.0)
Effect of change in tax rate:
Income statement	(0.8)	0.4	–	(0.2)	(0.6)
At 31 December 2012	39.9	(5.7)	(5.1)	(6.0)	23.1

The following is the analysis of the deferred tax balances for financial reporting purposes:

	2012 £m	2011 £m
Deferred tax liabilities	56.4	79.5
Deferred tax assets	(33.3)	(52.3)
	23.1	27.2

Other deferred tax assets relate to provisions recognised in the financial statements that are not yet deductible for tax purposes, in particular in relation to restructuring charges, share-based payments and local profit differences that are expected to reverse over time.

At the balance sheet date, the Group has unused tax losses of £122.3m (2011: £183.1m) available for offset against future profits. A deferred tax asset has been recognised in respect of £18.7m (2011: £96.3m) of such losses, based on management forecasts of future taxable profits against which the assets can be recovered in the relevant jurisdictions. No deferred tax asset has been recognised in respect of the remaining £103.6m (2011: £86.8m) of such losses where there remains uncertainty over the timing of utilisation relating to future profitability. The majority of losses may be carried forward indefinitely.