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Tax (Tables)

12 Months Ended

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

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​

​

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​

​

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​

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​

Tax

​

​

​

​

​

​

​

Accelerated

​

​

​

​

​

losses

​

​

​

​

​

​

​

​

capital

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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

X

- Definition

The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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- Definition

The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]

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