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Tax | 6 Months Ended
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Jun. 30, 2025
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% (2024 – 25)%, as analysed below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Half year ended
​ | ​ | 30 June |  | 30 June
​ |  | 2025 | ​ | 2024
Continuing operations | ​ | £m | ​ | £m
Profit before tax | ​ | 3,585 | ​ | 3,029
​ | ​ | ​ | ​ | ​
Expected tax charge |  | (896) | ​ | (757)
Losses and temporary differences in period where no deferred tax assets recognised |  | (4) | ​ | (10)
Foreign profits taxed at other rates |  | 21 | ​ | 17
Items not allowed for tax: | ​ | ​ | ​ | ​
- losses on disposals and write-downs |  | 5 | ​ | (9)
- UK bank levy |  | (17) | ​ | (16)
- regulatory and legal actions |  | (16) | ​ | (3)
- other disallowable items |  | (14) | ​ | (17)
Non-taxable items: | ​ | ​ | ​ | ​
- RPI-related uplift on index-linked gilts | ​ | 9 | ​ | 18
- other non-taxable items | ​ | 15 | ​ | 4
Taxable foreign exchange movements |  | (3) | ​ | 2
Unrecognised losses bought forward and utilised |  | 18 | ​ | 12
Net increase in the carrying value of deferred tax assets in respect of UK losses | ​ | 26 | ​ | —
Banking surcharge |  | (95) | ​ | (81)
Pillar 2 top-up tax | ​ | — | ​ | (11)
Tax on paid-in equity dividends | ​ | 40 | ​ | 33
Adjustments in respect of prior years | ​ | 1 | ​ | 17
Actual tax charge |  | (910) | ​ | (801)
​ At 30 June 2025, NatWest Group has recognised a deferred tax asset of £1,521 million (31 December 2024 - £1,876 million) and a deferred tax liability of £92 million (31 December 2024 - £99 million). These amounts include deferred tax assets recognised in respect of trading losses of £953 million (31 December 2024 - £1,106 million). NatWest Group has considered the carrying value of these assets as at 30 June 2025 and concluded that they are recoverable.

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