Trade and other liabilities

12 Months Ended

Dec. 31, 2018

24. Trade and other liabilities


All figures in £ millions	2018		2017
Trade payables		311		265
Sales return liability		173		—
Social security and other taxes		16		21
Accruals		397		447
Deferred income		387		322
Interest payable		46		45
Liability to purchase own shares		—		151
Other liabilities		225		224

		1,555		1,475
Less: non-current portion
Accruals		15		26
Deferred income		66		35
Other liabilities		74		72

		155		133

Current portion		1,400		1,342

The carrying value of the Group’s trade and other liabilities approximates its fair value. The deferred income balance comprises contract liabilities in respect of advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods. Trade and other liabilities includes the impact of adoption of IFRS 15 in 2018 (see note 1b). This impact increased trade and other liabilities as a result of the transfer of the sales return liability of £173m that was previously netted in trade receivables and deferred income by £28m at 31 December 2018. Comparatives have not been restated. The liability to purchase own shares in 2017 relates to a buyback agreement for the purchase of the company’s own shares (see note 27).