The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period.

2014
£000
2013
£000
Deferred tax liabilities(8,443)(11,228)
Deferred tax assets4,2864,675
(4,157)(6,553)

Deferred tax is disclosed in the balance sheet as follows:

2014
£000
2013
£000
Deferred tax liabilities(5,937)(8,393)
Deferred tax asset — trading losses1,7801,840
(4,157)(6,553)

The net deferred tax liability is made up as follows:

2014
£000
2013
£000
Excess capital allowances(6,387)(7,937)
Other timing differences(218)120
Trading losses1,7801,840
Acquired intangible assets(1,838)(3,292)
Retirement benefit obligations2,5062,716
(4,157)(6,553)
Asset amortisation and depreciation
£000
Short-term timing differences and tax losses
£000
Retirement benefit obligations
£000
Other
£000
Total
£000
At 1 January 2012(13,730)642,388101(11,177)
Credit to income statement1,4111,81961(11)3,280
Credit to equity458458
Effect of change in tax rate1,090(5)(191)(8)886
At 1 April 2013(11,229)1,8782,71682(6,553)
Reclassification6262
Credit to income statement1,327(174)245(29)1,369
Charge to equity(101)(101)
Effect of change in tax rate1,677(245)(354)(12)1,066
At 31 March 2014(8,225)1,4592,506103(4,157)

The deferred tax assets reducing the deferred tax liability relate to 20 per cent (2013: 23 per cent) of the Group's deficit on its defined benefit retirement scheme, trading losses carried forward and other timing differences. The tax losses on which a deferred tax asset has been recognised do not expire. Deferred tax assets are recognised for tax loss carry-forwards to the extent that the utilisation of the related tax benefit through future taxable profits is probable. In determining the amounts of deferred tax assets to be recognised, management uses historical profitability information and, if relevant, forecasted operating results, based on approved budgets and forecasts, including a review of the eligible carry forward periods, tax planning opportunities and other relevant considerations.

Unrecognised deferred tax assets in respect of trading losses amounted to £1,474,000 (2013: £2,131,000). These have not been recognised as a result of the unpredictability of future profit streams against which these losses may be utilised.

The Government announced in March 2013 that it intended to reduce the rate of corporation tax from 23 per cent to 20 per cent and the Finance Act 2013, which was substantively enacted on 2 July 2013, included provisions to reduce the rate of corporation tax to 21 per cent with effect from 1 April 2014 and 20 per cent with effect from 1 April 2015. Accordingly, deferred tax balances have been revalued to the lower rate of 20 per cent in these accounts, which has resulted in a credit to the consolidated income statement of £1,066,000 and the consolidated statement of comprehensive income of £354,000.