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Tax | 6 Months Ended
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Jun. 30, 2024
Tax |
Tax | 6. Tax The actual tax charge differs from the expected tax charge computed by applying the standard UK corporation tax rate of 25% (2023 – 23.5)%, as analysed below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Half year ended
​ | ​ | 30 June |  | 30 June
​ |  | 2024 | ​ | 2023
Continuing operations | ​ | £m | ​ | £m
Profit before tax | ​ | 3,029 | ​ | 3,589
​ | ​ | ​ | ​ | ​
Expected tax charge |  | (757) | ​ | (843)
Losses and temporary differences in period where no deferred tax assets recognised |  | (10) | ​ | (38)
Foreign profits taxed at other rates |  | 17 | ​ | (21)
Items not allowed for tax: | ​ | ​ | ​ | ​
- losses on disposals and write-downs |  | (9) | ​ | (1)
- UK Bank Levy |  | (16) | ​ | (12)
- regulatory and legal actions |  | (3) | ​ | (3)
- other disallowable items |  | (17) | ​ | (18)
Non-taxable items: | ​ | ​ | ​ | ​
- FX recycling on UBIDAC capital reduction | ​ | — | ​ | 75
- RPI-related uplift on index-linked gilts | ​ | 18 | ​ | 6
- other non-taxable items | ​ | 4 | ​ | 8
Taxable foreign exchange movements |  | 2 | ​ | 6
Unrecognised losses bought forward and utilised |  | 12 | ​ | 8
Banking surcharge |  | (81) | ​ | (144)
Pillar 2 top-up tax | ​ | (11) | ​ | —
Tax on paid-in equity dividends | ​ | 33 | ​ | 22
Adjustments in respect of prior years | ​ | 17 | ​ | (106)
Actual tax charge |  | (801) | ​ | (1,061)
​ At 30 June 2024, NatWest Group has recognised a deferred tax asset of £1,719 million (31 December 2023 - £1,894 million) and a deferred tax liability of £108 million (31 December 2023 - £141 million). These amounts include deferred tax assets recognised in respect of trading losses of £853 million (31 December 2023 - £1,019 million). NatWest Group has considered the carrying value of these assets as at 30 June 2024 and concluded that they are recoverable.

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