v3.25.4

Tax (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of income tax [Abstract] |
Schedule of Tax Charges |
| 2025 £m |  | 2024 £m |  | 2023 £m
UK corporation tax: |  |  |  |  |
Current tax on profit for the year | (1,367) |  | (1,159) |  | (1,301)
Adjustments in respect of prior years | 86 |  | 89 |  | 51
| (1,281) |  | (1,070) |  | (1,250)
Foreign tax: |  |  |  |  |
Current tax on profit for the year | (139) |  | (122) |  | (101)
Adjustments in respect of prior years | (9) |  | 3 |  | 3
| (148) |  | (119) |  | (98)
Current tax expense | (1,429) |  | (1,189) |  | (1,348)
Deferred tax: |  |  |  |  |
Current year | (504) |  | (307) |  | (583)
Adjustments in respect of prior years | 29 |  | 2 |  | (54)
Deferred tax (expense) credit | (475) |  | (305) |  | (637)
Tax expense | (1,904) |  | (1,494) |  | (1,985)
Schedule of Income Tax Charges | The tax expense is made up as follows:
Tax (expense) credit attributable to policyholders | (219) |  | (137) |  | 30
Shareholder tax expense | (1,685) |  | (1,357) |  | (2,015)
Tax expense | (1,904) |  | (1,494) |  | (1,985)
Schedule of Reconciliation of the Charge Resulting from Applying the Standard UK Corporation Tax Rate | An explanation of the relationship between tax expense and accounting profit is set out below. Note 15: Tax continued
| 2025 £m | 2024 £m | 2023 £m
Profit before tax | 6,661 | 5,971 | 7,503
UK corporation tax thereon | (1,665) | (1,493) | (1,763)
Impact of surcharge on banking profits | (167) | (157) | (305)
Non-deductible costs: conduct charges | (70) | (27) | (29)
Non-deductible costs: bank levy | (33) | (37) | (35)
Other non-deductible costs 1 | (72) | (73) | (52)
Non-taxable income 1 | 99 | 51 | 76
Tax relief on coupons on other equity instruments | 116 | 125 | 124
(Non-deductible) non-taxable foreign exchange (losses) gains 1 | (75) | 27 | (50)
Tax-exempt gains on disposals | 62 | 98 | 35
Tax losses where no deferred tax recognised | (7) | (7) | (2)
Remeasurement of deferred tax due to rate changes | – | – | (14)
Differences in overseas tax rates | (5) | (9) | 6
Policyholder tax in respect of the life assurance business | (71) | (75) | (61)
Deferred tax in respect of life assurance policyholder tax | (119) | (5) | 84
Adjustments in respect of prior years | 106 | 94 | –
Tax effect of share of results of joint ventures | (3) | (1) | 1
Provision for Pillar 2 current income taxes | – | (5) | –
Tax expense | (1,904) | (1,494) | (1,985)
1(Non-deductible) non-taxable foreign exchange gains (losses) on non-sterling denominated other equity instruments and on net investment hedging of subsidiaries, previously shown in aggregate within other non-deductible costs and non-taxable income, are now presented as an individual line item. Comparatives are represented on a consistent basis.
Schedule of Statutory Position and Tax Disclosure | The Group’s deferred tax assets and liabilities are as follows:
Statutory position | 2025 £m | 2024 £m |  | Tax disclosure | 2025 £m | 2024 £m
Deferred tax assets | 3,990 | 5,005 |  | Deferred tax assets | 5,734 | 6,900
Deferred tax liabilities | (146) | (125) |  | Deferred tax liabilities | (1,890) | (2,020)
Net deferred tax asset at 31 December | 3,844 | 4,880 |  | Net deferred tax asset at 31 December | 3,844 | 4,880
Schedule of Movements in Deferred Tax Liabilities and Assets | Movements in deferred tax assets and liabilities (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows:
Deferred tax assets | Tax losses £m | Property, plant and equipment £m | Provisions £m | Long-term assurance business £m | Share- based payments £m | Pension liabilities £m | Derivatives £m | Asset revaluations 1 £m | Other temporary differences £m | Total £m
At 1 January 2024 | 4,783 | 248 | 221 | 233 | 58 | 47 | 1,667 | 50 | 102 | 7,409
Charge to the income statement | (133) | (75) | (22) | (167) | (1) | (9) | (63) | – | (10) | (480)
(Charge) credit to other comprehensive income | – | – | – | – | – | – | (9) | 16 | – | 7
Transfer to disposal group | – | – | – | (13) | – | – | – | – | – | (13)
Other charge to equity | – | – | – | – | (23) | – | – | – | – | (23)
At 31 December 2024 | 4,650 | 173 | 199 | 53 | 34 | 38 | 1,595 | 66 | 92 | 6,900
(Charge) credit to the income statement | (401) | (81) | (58) | (53) | 2 | (5) | 37 | (29) | (1) | (589)
Credit (charge) to other comprehensive income | – | – | 35 | – | – | – | (659) | (7) | – | (631)
Other credit to equity | – | – | – | – | 54 | – | – | – | – | 54
At 31 December 2025 | 4,249 | 92 | 176 | – | 90 | 33 | 973 | 30 | 91 | 5,734
In 2024, deferred tax assets of £13 million were reclassified as disposal group assets and presented within other assets (see note 24). Note 15: Tax continued
Deferred tax liabilities | Property, plant and equipment £m | Capitalised software enhancements £m | Long-term assurance business £m | Acquisition fair value £m | Pension assets £m | Derivatives £m | Other temporary differences £m | Total £m
At 1 January 2024 | – | (92) | – | (352) | (971) | (708) | (258) | (2,381)
(Charge) credit to the income statement | – | (31) | – | 124 | 3 | 164 | (85) | 175
Credit to other comprehensive income | – | – | – | – | 154 | – | 22 | 176
Exchange and other adjustments | – | – | – | – | – | – | 10 | 10
At 31 December 2024 | – | (123) | – | (228) | (814) | (544) | (311) | (2,020)
(Charge) credit to the income statement | (45) | 33 | (73) | 32 | 2 | 154 | 11 | 114
Credit to other comprehensive income | – | – | – | – | 85 | – | – | 85
Acquisitions | – | – | – | (72) | – | – | – | (72)
Exchange and other adjustments | – | – | 5 | – | – | – | (2) | 3
At 31 December 2025 | (45) | (90) | (68) | (268) | (727) | (390) | (302) | (1,890)
1 Financial assets at fair value through other comprehensive income.

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