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5.5 Deferred tax
Movements in deferred tax in 2017
€ million 1 Jan. 2017 Income statement charge Tax charged/
credited to equity
Exchange
differences
Other changes 31 Dec. 2017
Deferred tax assets
Provisions 10.0 -0.2 9.8
Defined benefit pension plans 0.1 -0.0 0.1
Tax loss carry-forwards 25.6 -2.4 -0.1 0.0 23.1
Other temporary differences 19.4 -1.5 -0.1 -0.7 -0.2 16.8
Total 55.1 -4.2 -0.1 -0.8 -0.2 49.8
Deferred tax liabilities
Difference between accounting depreciation and tax depreciation 30.9 1.0 -0.4 31.5
Fair value allocation 23.5 -0.4 -0.5 -3.9 18.8
Defined benefit pension plans 33.1 -1.3 9.0 40.7
Other temporary differences 9.9 -0.7 -0.0 -0.1 -3.9 5.2
Total 97.4 -1.4 9.0 -0.9 -7.8 96.2
Net deferred tax liability 42.3 46.4
Balance sheet division of net deferred tax liability
€ million 2017 2016
Deferred tax assets 5.6 5.8
Deferred tax liabilities 52.0 48.1
Total 46.4 42.3
Other temporary differences within deferred tax assets include €3.1 million of deferred tax assets arising from compliance with the Group’s accounting principles and €3.4 million of deferred tax assets resulting from timing differences between local accounting principles and taxation.
Movements in deferred tax in 2016
€ million 1 Jan. 2016 Income statement charge Tax charged/
credited to equity
Exchange
differences
Other changes 31 Dec. 2016
Deferred tax assets
Provisions 9.6 0.3 0.0 0.1 10.0
Defined benefit pension plans 0.1 0.0 0.1
Tax loss carry-forwards 8.3 -3.2 2.1 18.4 25.6
Other temporary differences 19.8 0.1 -0.6 1.3 -1.1 19.4
Total 37.8 -2.8 -0.6 3.4 17.3 55.1
Deferred tax liabilities
Difference between accounting depreciation and tax depreciation 49.6 -12.2 -6.5 30.9
Fair value allocation 9.3 -1.5 0.3 15.3 23.5
Defined benefit pension plans 35.3 0.6 -2.8 33.1
Other temporary differences 11.0 0.2 0.2 0.7 -2.2 9.9
Total 105.2 -12.9 -2.7 1.1 6.6 97.4
Net deferred tax liability 67.5 42.3
Tax loss carry-forwards
As at 31 December 2017, the Group’s unused tax losses carried forward were €181.0 million, for which deferred tax assets have not been recognised, because at the balance sheet date, the realisation of the related tax benefit through future taxable profits is not probable.
Tax losses carried forward for which tax assets have not been recognised expire as follows:
€ million 2018 2019 2020 2021 2022 2023− Total
0.0 0.9 3.7 1.6 4.4 170.4 181.0
Deferred tax liabilities have not been recognised for taxes that would be payable on subsidiaries’ undistributed earnings, because the subsidiaries’ distributions are at the discretion of the Group, and a distribution of profits with tax effect is not probable in the near future.