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Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Tax |
Schedule of current and deferred tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 (1) | ​ | 2019 (1)
Continuing operations |  | £m |  | £m |  | £m
Current tax |  | ​ | ​ |  |  |
Charge for the year |  | (1,036) | ​ | (191) |  | (673)
Over provision in respect of prior years |  | 31 | ​ | 86 |  | 122
​ |  | (1,005) | ​ | (105) |  | (551)
Deferred tax |  | ​ | ​ | ​ |  | ​
(Charge)/credit for the year |  | (185) | ​ | 176 |  | 38
UK tax rate change impact (2) |  | 165 | ​ | 75 |  | —
Net increase/(decrease) in the carrying value of deferred tax assets in respect of UK, Ireland and Netherlands losses | ​ | 12 | ​ | (130) | ​ | 55
Over/(under) provision in respect of prior years (3) |  | 17 | ​ | (90) |  | 19
Tax charge for the year |  | (996) | ​ | (74) |  | (439)
​
(1) | Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8.
(2) | It was announced in the UK Government’s budget on 3 March 2021 that the main UK corporation tax rate will increase from 19% to 25% from 1 April 2023. This legislative change was enacted on 10 June 2021.
(3) | Prior year tax adjustments incorporate refinements to tax computations made on submission and agreement with the tax authorities and adjustments to provisions in respect of uncertain tax positions.
Schedule of reconciliation of actual tax charge from the expected tax charge | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 (1) |  | 2019 (1)
Continuing operations | ​ | £m | ​ | £m | ​ | £m
Expected tax (charge)/credit |  | (766) | ​ | 92 |  | (757)
Losses and temporary differences in year where no deferred tax asset recognised |  | (51) | ​ | (43) |  | (24)
Foreign profits taxed at other rates |  | (11) | ​ | (29) |  | 7
Non deductible goodwill impairment |  | (16) | ​ | — |  | —
Items not allowed for tax: | ​ | ​ | ​ | ​ | ​ | ​
- losses on disposals and write-downs |  | (55) | ​ | (22) |  | (71)
- UK bank levy |  | (18) | ​ | (32) |  | (26)
- regulatory and legal actions |  | (74) | ​ | 14 |  | (165)
- other disallowable items |  | (28) | ​ | (70) |  | (62)
Non-taxable items: |  | ​ | ​ | ​ | ​ | ​
- Alawwal bank merger gain disposal | ​ | — | ​ | — | ​ | 215
- FX recycling on the liquidation of RFS Holdings | ​ | — | ​ | — | ​ | 279
- other non-taxable items | ​ | 73 | ​ | 28 | ​ | 80
Taxable foreign exchange movements |  | 8 | ​ | (3) |  | (1)
Unrecognised losses brought forward and utilised |  | 10 | ​ | 16 |  | 16
(Decrease)/increase in the carrying value of deferred tax assets in respect of: |  | ​ | ​ | ​ |  | ​
- UK losses | ​ | (9) | ​ | 7 | ​ | 129
- Ireland losses | ​ | (27) | ​ | (137) | ​ | (74)
- Netherlands losses | ​ | 48 | ​ | — | ​ | —
Banking surcharge |  | (341) | ​ | (27) |  | (199)
Tax on paid-in equity | ​ | 48 | ​ | 61 | ​ | 73
UK tax rate change impact |  | 165 | ​ | 75 |  | —
Adjustments in respect of prior years | ​ | 48 | ​ | (4) | ​ | 141
Actual tax charge |  | (996) | ​ | (74) |  | (439)
​
(1) | Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8.
​
Schedule of deferred tax asset and liability | ​
​ | ​ | ​ | ​ | ​
​ |  | £m |  | £m
Deferred tax asset |  | (1,195) |  | (901)
Deferred tax liability |  | 359 |  | 291
Net deferred tax asset |  | (836) |  | (610)
Schedule of net deferred tax asset | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Tax | ​ | ​ |  | ​
​ | ​ | ​ | ​ | Accelerated | ​ | ​ | ​ | ​ | ​ | losses | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | capital | ​ | Expense | ​ | Financial | ​ | carried | ​ | ​ | ​ | ​
​ | ​ | Pension | ​ | allowances | ​ | provisions | ​ | instruments | ​ | forward | ​ | Other | ​ | Total
​ |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
At 1 January 2020 |  | (139) |  | 172 |  | (118) |  | 315 |  | (951) |  | (24) |  | (745)
Charge/(credit) to income statement: (1) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- continuing operations | ​ | 15 |  | (234) |  | 33 |  | 114 |  | 46 |  | (5) |  | (31)
- discontinued operations | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 9 | ​ | — | ​ | 9
Charge/(credit) to other comprehensive income |  | 119 |  | — |  | — |  | 51 |  | — |  | (7) |  | 163
Currency translation and other adjustments |  | 1 |  | (2) |  | — |  | — |  | (9) |  | 4 |  | (6)
At 1 January 2021 |  | (4) |  | (64) |  | (85) |  | 480 |  | (905) |  | (32) |  | (610)
Charge/(credit) to income statement: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
- continuing operations | ​ | 19 | ​ | 21 | ​ | (5) | ​ | (10) | ​ | (1) | ​ | (33) | ​ | (9)
- discontinued operations | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 3 | ​ | — | ​ | 3
Charge/(credit) to other comprehensive income |  | 10 |  | — |  | (7) |  | (222) |  | — |  | (5) |  | (224)
Currency translation and other adjustments |  | (1) |  | 1 |  | — |  | — |  | 4 |  | — |  | 4
At 31 December 2021 |  | 24 |  | (42) |  | (97) |  | 248 |  | (899) |  | (70) |  | (836)
​
(1) | Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8.
Schedule of recognised deferred tax assets in respect of tax losses | ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | £m | ​ | £m
UK tax losses carried forward | ​ | ​ | ​ | ​
- NWM Plc |  | 56 |  | 62
- NWB Plc |  | 608 |  | 592
- RBS plc |  | 176 |  | 200
- Ulster Bank Limited | ​ | — | ​ | 8
Total |  | 840 |  | 862
Overseas tax losses carried forward | ​ | ​ | ​ | ​
- UBIDAC | ​ | 11 | ​ | 43
- NWM N.V. |  | 48 |  | —
​ |  | 899 |  | 905

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