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Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Tax |
Schedule of current and deferred tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Continuing operations |  | £m |  | £m |  | £m
Current tax |  | ​ | ​ |  |  |
Charge for the year |  | (1,415) | ​ | (1,373) | ​ | (1,611)
(Under)/over provision in respect of prior years |  | (145) | ​ | (123) | ​ | 100
​ |  | (1,560) | ​ | (1,496) | ​ | (1,511)
Deferred tax |  | ​ | ​ | ​ | ​ | ​
(Charge)/credit for the year |  | (343) | ​ | (281) | ​ | 47
UK tax rate change impact |  | — | ​ | — | ​ | (10)
Net increase in the carrying value of deferred tax assets in respect of UK, RoI and Netherlands losses | ​ | 428 | ​ | 385 | ​ | 267
Over/(under) provision in respect of prior years |  | 10 | ​ | (42) | ​ | (68)
Tax charge for the year |  | (1,465) | ​ | (1,434) | ​ | (1,275)
Schedule of reconciliation of actual tax charge from the expected tax charge | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Continuing operations | ​ | £m | ​ | £m | ​ | £m
Expected tax charge |  | (1,549) | ​ | (1,452) | ​ | (975)
Losses and temporary differences in year where no deferred tax asset recognised |  | (18) | ​ | (56) | ​ | (118)
Foreign profits and losses taxed at other rates |  | 37 | ​ | 10 | ​ | (62)
Items not allowed for tax: | ​ | ​ | ​ | ​ | ​ | ​
- losses on disposals and write-downs |  | (22) | ​ | (63) | ​ | (10)
- UK bank levy |  | (31) | ​ | (27) | ​ | (20)
- regulatory and legal actions |  | (47) | ​ | (1) | ​ | (7)
- other disallowable items |  | (61) | ​ | (57) | ​ | (51)
Non-taxable items: |  | ​ | ​ | ​ | ​ | ​
- foreign exchange recycling on UBIDAC capital reduction | ​ | — | ​ | 114 | ​ | —
- RPI-related uplift on index linked gilts | ​ | 18 | ​ | 6 | ​ | 67
- other non-taxable items | ​ | 11 | ​ | 20 | ​ | 29
Taxable foreign exchange movements |  | 7 | ​ | 9 | ​ | (19)
Unrecognised losses brought forward and utilised |  | 33 | ​ | 27 | ​ | 6
Net increase/(decrease) in the carrying value of deferred tax assets in respect of: |  | ​ | ​ | ​ | ​ | ​
- UK losses (2) | ​ | 378 | ​ | 371 | ​ | 272
- RoI losses | ​ | — | ​ | (1) | ​ | (5)
- Netherlands losses | ​ | 50 | ​ | 15 | ​ | —
Banking surcharge |  | (169) | ​ | (236) | ​ | (447)
Pillar 2 top-up tax | ​ | (20) | ​ | — | ​ | —
Tax on paid-in equity dividends | ​ | 53 | ​ | 52 | ​ | 43
UK tax rate change impact |  | — | ​ | — | ​ | (10)
Adjustments in respect of prior years (1, 2) | ​ | (135) | ​ | (165) | ​ | 32
Actual tax charge |  | (1,465) | ​ | (1,434) | ​ | (1,275)
​ (1)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. (2)Includes a net £61 million benefit from UK group relief and loss relief claims at higher tax rates (refer to the Deferred Tax section below for details of the recent changes in UK tax rates).
Schedule of deferred tax asset and liability | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ |  | £m |  | £m
Deferred tax asset |  | 1,876 |  | 1,894
Deferred tax liability |  | (99) |  | (141)
Net deferred tax asset |  | 1,777 |  | 1,753
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 2023 |  | (23) |  | 75 |  | 82 |  | 805 |  | 952 |  | 60 |  | 1,951
(Charge)/credit to income statement: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- continuing operations | ​ | (1) | ​ | 1 | ​ | (21) | ​ | (16) | ​ | 67 | ​ | 32 | ​ | 62
- discontinued operations | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Credit/(charge) to other comprehensive income |  | 8 | ​ | — | ​ | — | ​ | (249) | ​ | — | ​ | (17) | ​ | (258)
Currency translation and other adjustments |  | — |  | — |  | — |  | (2) |  | — |  | — |  | (2)
At 1 January 2024 |  | (16) |  | 76 |  | 61 |  | 538 |  | 1,019 |  | 75 |  | 1,753
Credit/(charge) to income statement: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
- continuing operations | ​ | 3 | ​ | 85 | ​ | 16 | ​ | (57) | ​ | 90 | ​ | (42) | ​ | 95
- discontinued operations | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
(Charge)/credit to other comprehensive income |  | (15) |  | — |  | — |  | (77) |  | — |  | 26 |  | (66)
Currency translation and other adjustments |  | (1) |  | — |  | — |  | (1) |  | (3) |  | — |  | (5)
At 31 December 2024 |  | (29) |  | 161 |  | 77 |  | 403 |  | 1,106 |  | 59 |  | 1,777
​
(1) | The in-year movement predominantly relates to cash flow hedges.
Schedule of recognised deferred tax assets in respect of tax losses | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | £m | ​ | £m
UK tax losses carried forward | ​ | ​ | ​ | ​
- NWM Plc |  | — |  | —
- NWB Plc |  | 333 |  | 362
- RBS plc |  | 685 |  | 597
Total |  | 1,018 |  | 959
Overseas tax losses carried forward | ​ | ​ | ​ | ​
- UBIDAC | ​ | 5 | ​ | 5
- NWM N.V. |  | 83 |  | 55
​ |  | 1,106 |  | 1,019

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