The following are the major deferred tax liabilities and assets recognised by the group, and the movements thereon, during the current and prior year:

GroupAccelerated tax depreciation
Retirement benefit obligations
At 1 April 20181,049.958.5(9.6)1,098.8
Charged/(credited) to the income statement (see note 7)26.811.3(4.1)34.0
Charged to equity (see note 7)12.40.813.2
At 31 March 20191,076.782.2(12.9)1,146.0
Charged/(credited) to the income statement (see note 7)13.222.0(13.2)22.0
Change in tax rate127.59.7(1.7)135.5
Charged to equity (see note 7)150.09.1159.1
At 31 March 20201,217.4263.9(18.7)1,462.6

Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 'Income Taxes'.

The deferred tax charge of £135.5 million (2019: £nil) reflects the Government's reversal of the planned reduction in the rate of corporation tax from 19 per cent to 17 per cent from 1 April 2020.


The company had no deferred tax assets or liabilities at 31 March 2020 or 31 March 2019.