17. DEFERRED TAX        
The following are the major deferred tax liabilities and assets and movements thereon recognised by the Group during the current and previous financial year. Deferred tax is calculated in full on the temporary differences under the liability method using a tax rate of 30% (2005: 30%).
         
      2006
£’000		 2005
restated
£’000
At 1st January     6,047 –
Prior year restatement (refer note 1(q))     – 2,900
At 1st January as restated     6,047 2,900
(Credit)/charge for the year     (1,021) 3,460
Prior year restatement (refer note 1(q))     – (300)
Debited/(credited) directly to equity     992 (13)
At 31st December     6,018 6,047
         
      2006
£’000		 2005
restated
£’000
Tax on items charged to equity        
Deferred tax in respect of share-based payments     (240) (13)
Deferred tax on property revaluations     1,232 –
      992 (13)
         
    Accelerated tax
depreciation
£’000		 Revaluation of
property
£’000		 Total
£’000
Deferred tax liabilities recognised:        
At 1st January 2006   394 7,140 7,534
Prior year restatement (refer note 1 (q))   – 2,900 2,900
At 1st January 2006 as restated   394 10,040 10,434
Charged to the income statement   (990) 961 (29)
Other property revaluation reserve   – 1,232 1,232
At 31st December 2006: due in more than one year   (596) 12,233 11,637
         
         
  Provisions
£’000		 Tax losses
£’000		 Other
£’000		 Total
£’000
Deferred tax assets recognised:        
At 1st January 2006 (54) (4,020) (13) (4,087)
Prior year restatement (refer note 1(q)) – (300) – (300)
At 1st January 2006 as restated (54) (4,320) (13) (4,387)
Charged to income statement – (992) – (992)
Other reserve – – (240) (240)
At 31st December 2006: due in more than one year (54) (5,312) (253) (5,619)
         
        2006
£’000
Net deferred tax liability        
Net liabilities due in more than one year       6,018
At 31st December 2006       6,018
         
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. Deferred tax assets arising from the Group’s trading and capital losses are recognised on the basis that there will be sufficient profits in the forseeable future to utilise such losses.

Movements in deferred tax assets and liabilities (prior to the offsetting of balances) are shown above.