£m
At January 1, 2005	84
Amount charged to income statement	(74)
Amount credited to statement of recognised income and expense	222
Amount credited to equity	24
Exchange movements	5
At January 1, 2006	261
Amount charged to income statement	(335)
Amount charged to statement of recognised income and expense	(91)
Amount credited to equity	58
On acquisition of business	1
Exchange movements	(5)
At December 31, 2006	(111)

The analysis of the deferred tax position is as follows:

	2006 £m	2005 £m
1 Deferred tax not recognised on the basis that the future economic benefit is uncertain.
Property, plant and equipment	(145)	(138)
Other temporary differences	(278)	(219)
Pensions and other post-retirement benefits	314	505
Foreign exchange and commodity financial assets and liabilities	(183)	(77)
Losses	117	126
Advance corporation tax	64	64
	(111)	261
Analysed as:
Deferred tax assets	141	439
Deferred tax liabilities	(252)	(178)
	(111)	261
Deferred tax not recognised on unused tax losses and other items 1	154	146

In addition there are temporary differences of £593m (2005 £467m) relating to investments in subsidiaries and joint ventures. No deferred tax has been provided in respect of these differences, since the timing of the reversals can be controlled and it is probable that the temporary differences will not reverse in the future.