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Tax (Tables) | 12 Months Ended
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Dec. 31, 2022
Tax |
Schedule of current and deferred tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
Continuing operations |  | £m |  | £m |  | £m
Current tax |  | ​ | ​ |  |  |
Charge for the year |  | (1,611) | ​ | (1,036) | ​ | (191)
Over provision in respect of prior years |  | 100 | ​ | 31 | ​ | 86
​ |  | (1,511) | ​ | (1,005) | ​ | (105)
Deferred tax |  | ​ | ​ | ​ | ​ | ​
Credit/(charge)for the year |  | 47 | ​ | (185) | ​ | 176
UK tax rate change impact (1) |  | (10) | ​ | 165 | ​ | 75
Net increase/(decrease) in the carrying value of deferred tax assets in respect of UK, RoI and Netherlands losses | ​ | 267 | ​ | 12 | ​ | (130)
(Under)/over provision in respect of prior years (2) |  | (68) | ​ | 17 | ​ | (90)
Tax charge for the year |  | (1,275) | ​ | (996) | ​ | (74)
​
(1) | It was announced in the UK Government’s budget on 27 October 2021 that the main UK banking surcharge will decrease from 8% to 3% from 1 April 2023. This legislative change was enacted on 24 February 2022.
(2) | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Continuing operations | ​ | £m | ​ | £m | ​ | £m
Expected tax (charge)/credit |  | (975) | ​ | (766) | ​ | 92
Losses and temporary differences in year where no deferred tax asset recognised |  | (118) | ​ | (51) | ​ | (43)
Foreign profits taxed at other rates |  | (62) | ​ | (11) | ​ | (29)
Non deductible goodwill impairment |  | — | ​ | (16) | ​ | —
Items not allowed for tax: | ​ | ​ | ​ | ​ | ​ | ​
- losses on disposals and write-downs |  | (10) | ​ | (55) | ​ | (22)
- UK bank levy |  | (20) | ​ | (18) | ​ | (32)
- regulatory and legal actions |  | (7) | ​ | (74) | ​ | 14
- other disallowable items |  | (51) | ​ | (28) | ​ | (70)
Non-taxable items: |  | ​ | ​ | ​ | ​ | ​
- RPI related uplift on index linked gilts (1) | ​ | 67 | ​ | — | ​ | —
- other non-taxable items | ​ | 29 | ​ | 73 | ​ | 28
Taxable foreign exchange movements |  | (19) | ​ | 8 | ​ | (3)
Unrecognised losses brought forward and utilised |  | 6 | ​ | 10 | ​ | 16
Net increase/(decrease) in the carrying value of deferred tax assets in respect of: |  | ​ | ​ | ​ | ​ | ​
- UK losses | ​ | 272 | ​ | (9) | ​ | 7
- RoI losses | ​ | (5) | ​ | (27) | ​ | (137)
- Netherlands losses | ​ | — | ​ | 48 | ​ | —
Banking surcharge |  | (447) | ​ | (341) | ​ | (27)
Tax on paid-in equity dividends | ​ | 43 | ​ | 48 | ​ | 61
UK tax rate change impact |  | (10) | ​ | 165 | ​ | 75
Adjustments in respect of prior years | ​ | 32 | ​ | 48 | ​ | (4)
Actual tax charge |  | (1,275) | ​ | (996) | ​ | (74)
​ (1)The tax impact of this adjustment (£135 million credit) is allocated across the RPI related uplift on index linked gilts, Adjustments in respect of prior years and Banking surcharge reconciling items.
Schedule of deferred tax asset and liability | ​
​ | ​ | ​ | ​ | ​
​ |  | £m |  | £m
Deferred tax asset |  | (2,178) |  | (1,195)
Deferred tax liability |  | 227 |  | 359
Net deferred tax asset |  | (1,951) |  | (836)
​
Schedule of net deferred tax asset | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accelerated | ​ | ​ | ​ | ​ | ​ | Tax losses | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | capital | ​ | Expense | ​ | Financial | ​ | carried | ​ | ​ | ​ | ​
​ | ​ | Pension | ​ | allowances | ​ | provisions | ​ | instruments (1) | ​ | forward | ​ | Other | ​ | Total
​ |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
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 1 January 2022 |  | 24 |  | (42) |  | (97) |  | 248 |  | (899) |  | (70) |  | (836)
Charge/(credit) to income statement: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
- continuing operations | ​ | 1 | ​ | (43) | ​ | 14 | ​ | (171) | ​ | (51) | ​ | 14 | ​ | (236)
- discontinued operations | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
(Credit)/charge to other comprehensive income |  | (2) |  | — |  | 1 |  | (913) |  | — |  | (2) |  | (916)
Currency translation and other adjustments |  | — |  | 10 |  | — |  | 31 |  | (2) |  | (2) |  | 37
At 31 December 2022 |  | 23 |  | (75) |  | (82) |  | (805) |  | (952) |  | (60) |  | (1,951)
​
(1) | The in-year movement predominantly relates to cash flow hedges.
Schedule of recognised deferred tax assets in respect of tax losses | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
UK tax losses carried forward | ​ | ​ | ​ | ​
- NWM Plc |  | 3 |  | 56
- NWB Plc |  | 445 |  | 608
- RBS plc |  | 452 |  | 176
Total |  | 900 |  | 840
Overseas tax losses carried forward | ​ | ​ | ​ | ​
- UBIDAC | ​ | 6 | ​ | 11
- NWM N.V. |  | 46 |  | 48
​ |  | 952 |  | 899
​

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