Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

AssetsLiabilitiesNet
2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
Property, plant and equipment(70)(163)1,7431,6851,6731,522
Intangible assets(53)2,2402,2742,1872,274
Inventories(737)(571)(737)(571)
Provisions(327)(346)159203(168)(143)
IFRS2(903)(649)(903)(649)
Tax value of loss c/fwd(539)(53)(539)(53)
Tax (assets)/liabilities(2,629)(1,782)4,1424,1621,5132,380
Tax set-off464510(464)(510)
Net tax (assets) liabilities(2,165)(1,272)3,6783,6521,5132,380

During the year deferred tax assets were recognised in relation to TR Fastenings Inc on the grounds that recovery is considered probable. In the prior year the unrecognised deferred tax asset relating to tax losses at TR Fastenings Inc. was £0.49m. A potential £1.62m (2015: £1.79m) deferred tax asset relating to the Company's trapped management losses was not recognised on the grounds that recovery of these losses is uncertain.

Movement in deferred tax during the year

1 April
2015
£000
Recognised in
income
£000
Recognised on
acquisitions
£000
Recognised in
equity^
£000
31 March
2016
£000
Property, plant and equipment1,52292591,673
Intangible assets2,274(259)1722,187
Inventories(571)(155)(11)(737)
Provisions(143)(30)5(168)
IFRS2(649)(164)(90)(903)
Tax value of loss c/fwd(53)(467)(19)(539)
2,380(983)1161,513

Movement in deferred tax during the prior year

1 April
2014
£000
Recognised in
income
£000
Recognised on
acquisitions
£000
Recognised in
equity^
£000
31 March
2015
£000
Property, plant and equipment1,087(167)735(133)1,522
Intangible assets1182,529(274)2,274
Inventories(451)(138)18(571)
Provisions(26)(114)(3)(143)
IFRS2(1,042)(57)450(649)
Tax value of loss c/fwd(50)(13)10(53)
(471)(481)3,264682,380

^ Amounts recognised in equity include the deferred tax on IFRS2 share based movements and the equity element of foreign exchange differences taken to reserves.