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Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure [Abstract] |
Summary of Tax on (loss)/Profit | Tax on profit for the year
|  |  |  | United Kingdom |  |  |  |  |  | Other jurisdictions |  |  |  |  | Total |
|  |  |  | 2024 $m |  |  | 2023 $m |  |  | 2022 $m |  |  |  |  |  | 2024 $m |  |  | 2023 $m |  |  | 2022 $m |  |  |  |  | 2024 $m |  |  | 2023 $m |  |  | 2022 $m |
Current tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period a |  |  |  |  | 24 |  |  |  | 16 |  |  |  | 6 |  |  |  |  |  |  |  | 292 |  |  |  | 245 |  |  |  | 177 |  |  |  |  |  | 316 |  |  |  | 261 |  |  |  | 183 |
Adjustments in respect of prior periods |  |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  |  |  |  |  | – |  |  |  | 12 |  |  |  | (5 | ) |  |  |  |  | – |  |  |  | 12 |  |  |  | (7 | )
|  |  |  |  | 24 |  |  |  | 16 |  |  |  | 4 |  |  |  |  |  |  |  | 292 |  |  |  | 257 |  |  |  | 172 |  |  |  |  |  | 316 |  |  |  | 273 |  |  |  | 176 |
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  |  |  | 11 |  |  |  | 1 |  |  |  | (1 | ) |  |  |  |  |  |  | (56 | ) |  |  | (21 | ) |  |  | (6 | ) |  |  |  |  | (45 | ) |  |  | (20 | ) |  |  | (7 | )
Changes in tax rates and tax laws |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 2 |  |  |  | – |  |  |  |  |  | – |  |  |  | 2 |  |  |  | – |
Adjustments to unprovided or unrecognised deferred tax b |  |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  |  |  |  |  | – |  |  |  | 5 |  |  |  | – |  |  |  |  |  | – |  |  |  | 5 |  |  |  | (2 | )
Adjustments in respect of prior periods |  |  |  |  | (2 | ) |  |  | 1 |  |  |  | 2 |  |  |  |  |  |  |  | – |  |  |  | (1 | ) |  |  | (5 | ) |  |  |  |  | (2 | ) |  |  | – |  |  |  | (3 | )
|  |  |  |  | 9 |  |  |  | 2 |  |  |  | (1 | ) |  |  |  |  |  |  | (56 | ) |  |  | (15 | ) |  |  | (11 | ) |  |  |  |  | (47 | ) |  |  | (13 | ) |  |  | (12 | )
Income tax charge for the year c |  |  |  |  | 33 |  |  |  | 18 |  |  |  | 3 |  |  |  |  |  |  |  | 236 |  |  |  | 242 |  |  |  | 161 |  |  |  |  |  | 269 |  |  |  | 260 |  |  |  | 164 |
a. | Includes $2m (2023: $nil, 2022: $nil) in respect of taxes arising under the Pillar Two framework.
b. | Represent ed a reassessment of the recovery of deferred taxes in line with the Group’s profit forecasts.
c. | ‘Other jurisdictions’ includes $169m (2023: $172m, 2022: $134m) in respect of US taxes.
Summary of Reconciliation of Tax Charge Including Gain on Disposal of Assets | Reconciliation of tax charge
|  |  |  | 2024 % |  |  |  |  | 2023 % |  |  |  |  |  | 2022 % |
Tax at UK blended rate |  |  |  |  | 25.0 |  |  |  |  |  | 23.5 |  |  |  |  |  |  |  | 19.0 |
Tax credits |  |  |  |  | (0.6 | ) |  |  |  |  | (0.5 | ) |  |  |  |  |  |  | (0.1 | )
System Fund a |  |  |  |  | 1.2 |  |  |  |  |  | (1.3 | ) |  |  |  |  |  |  | 3.1 |
Foreign exchange losses/( gains ) |  |  |  |  | 1.0 |  |  |  |  |  | (1.0 | ) |  |  |  |  |  |  | (0.9 | )
Other permanent differences b |  |  |  |  | (0.5 | ) |  |  |  |  | 0.9 |  |  |  |  |  |  |  | 0.5 |
Non-recoverable foreign taxes |  |  |  |  | 2.4 |  |  |  |  |  | 1.3 |  |  |  |  |  |  |  | 3.5 |
Net effect of different rates of tax c |  |  |  |  | 1.5 |  |  |  |  |  | 1.5 |  |  |  |  |  |  |  | 6.3 |
Effects of substantive enactment of UAE tax rates and laws d |  |  |  |  | – |  |  |  |  |  | (0.9 | ) |  |  |  |  |  |  | – |
Effect of changes in other tax rates and laws |  |  |  |  | – |  |  |  |  |  | 0.2 |  |  |  |  |  |  |  | 0.1 |
Items on which deferred tax arose but where no deferred tax is recognised e |  |  |  |  | 0.2 |  |  |  |  |  | 0.2 |  |  |  |  |  |  |  | 1.2 |
Effect of adjustments to unprovided or unrecognised deferred taxes f |  |  |  |  | – |  |  |  |  |  | 0.5 |  |  |  |  |  |  |  | (0.4 | )
Adjustment to tax charge in respect of prior periods g |  |  |  |  | (0.2 | ) |  |  |  |  | 1.3 |  |  |  |  |  |  |  | (1.9 | )
|  |  |  |  | 30.0 |  |  |  |  |  | 25.7 |  |  |  |  |  |  |  | 30.4 |
a. | The System Fund is, in general, not subject to taxation.
b. | Includes (1.0) %pts (2023: (0.6) %pts , 2022: (1.0) %pts ) in respect of the US Foreign-derived intangible income regime.
c. | Includes 1.2 %pts (2023: 1.3 %pts , 2022: 6.9 %pts ) driven by the relatively high blended US rate, which includes US Federal and State taxes.
d. | During 2023, law implementing a new corporate income tax regime was substantively enacted in the UAE. This resulted in the recognition of a deferred tax asset of $9m in the UAE. Absent further law change, this benefit is not likely to reoccur.
e. | Predominantly in respect of losses arising in the year.
f. | Adjustments relating to estimated recoverable deferred tax assets. In 2023, also included 0.7 %pts relating to the provision of previously unprovided deferred tax liabilities which arise on temporary differences in subsidiaries.
g. | Relates to the finalisation of tax returns, activity from tax authorities such as tax audits and the reassessment of provisions for uncertain tax positions.
Summary of Tabular Form of Taxes Paid Based on Geographical Area |
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |  |  |  |  |  | 2022 $m |
China a |  |  |  |  | 11 |  |  |  |  |  | 5 |  |  |  |  |  |  |  | 10 |
Singapore a |  |  |  |  | 7 |  |  |  |  |  | 4 |  |  |  |  |  |  |  | 1 |
United Kingdom |  |  |  |  | 10 |  |  |  |  |  | 8 |  |  |  |  |  |  |  | 3 |
United States |  |  |  |  | 220 |  |  |  |  |  | 171 |  |  |  |  |  |  |  | 165 |
Other jurisdictions |  |  |  |  | 23 |  |  |  |  |  | 18 |  |  |  |  |  |  |  | 10 |
|  |  |  |  | 271 |  |  |  |  |  | 206 |  |  |  |  |  |  |  | 189 |
Taxes withheld at source |  |  |  |  | 38 |  |  |  |  |  | 37 |  |  |  |  |  |  |  | 22 |
Tax paid per cash flow |  |  |  |  | 309 |  |  |  |  |  | 243 |  |  |  |  |  |  |  | 211 |
a. | Tax payments are typically based upon the previous year’s profits.
Summary of Reconciliation of Tax Paid to Total Current Tax Charge in Income Statement | A reconciliation of tax paid to the current tax charge in the Group income statement is as follows:
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |  |  |  |  |  | 2022 $m |
Current tax charge in the Group income statement |  |  |  |  | 316 |  |  |  |  |  | 273 |  |  |  |  |  |  |  | 176 |
Current tax credit in the Group statement of comprehensive income |  |  |  |  | (3 | ) |  |  |  |  | (6 | ) |  |  |  |  |  |  | (2 | )
Current tax credit taken directly to equity |  |  |  |  | (6 | ) |  |  |  |  | (5 | ) |  |  |  |  |  |  | – |
Total current tax charge |  |  |  |  | 307 |  |  |  |  |  | 262 |  |  |  |  |  |  |  | 174 |
Movements to tax contingencies a |  |  |  |  | (4 | ) |  |  |  |  | (2 | ) |  |  |  |  |  |  | 10 |
Timing differences of cash tax paid and foreign exchange differences |  |  |  |  | 6 |  |  |  |  |  | (17 | ) |  |  |  |  |  |  | 27 |
Tax paid per cash flow |  |  |  |  | 309 |  |  |  |  |  | 243 |  |  |  |  |  |  |  | 211 |
a. | Tax contingency movements are included within the current tax charge but do not impact cash tax paid in the year. Settlements of tax contingencies are included within cash tax paid in the year but not recorded in the current year tax charge.
Summary of Deferred Tax | Deferred tax
|  |  |  |  | Property, plant, equipment and software |  |  |  | Application fees |  |  |  | Deferred gains on loan notes | c |  |  | Associates |  |  |  | Losses | d |  |  | Deferred compensation and employee benefits a |  |  |  | Deferred revenue a,b |  |  |  | Research and development a |  |  |  | Intangible assets excluding software |  |  |  | Other short-term temporary differences | a,e |  |  | Total |
|  |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |  |  |  | $m |
At 1 January 2023 |  |  |  |  | (53 | ) |  |  | 41 |  |  |  | (34 | ) |  |  | (59 | ) |  |  | 79 |  |  |  | 84 |  |  |  | – |  |  |  | 8 |  |  |  | (40 | ) |  |  | 22 |  |  |  | 48 |
Group income statement |  |  |  |  | 22 |  |  |  | 1 |  |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | 4 |  |  |  | – |  |  |  | 7 |  |  |  | (9 | ) |  |  | (11 | ) |  |  | 13 |
Group statement of comprehensive income |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5 | ) |  |  | (11 | )
Group statement of changes in equity |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |
Exchange and other adjustments |  |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | 2 |  |  |  | 10 |
At 31 December 2023 |  |  |  |  | (30 | ) |  |  | 42 |  |  |  | (34 | ) |  |  | (60 | ) |  |  | 76 |  |  |  | 95 |  |  |  | – |  |  |  | 15 |  |  |  | (46 | ) |  |  | 8 |  |  |  | 66 |
Group income statement |  |  |  |  | 21 |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (7 | ) |  |  | 9 |  |  |  | 30 |  |  |  | 18 |  |  |  | (14 | ) |  |  | (11 | ) |  |  | 47 |
Group statement of comprehensive income |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (3 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (13 | ) |  |  | (16 | )
Group statement of changes in equity |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 9 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 9 |
Exchange and other adjustments |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | (2 | )
At 31 December 2024 |  |  |  |  | (9 | ) |  |  | 42 |  |  |  | (34 | ) |  |  | (59 | ) |  |  | 65 |  |  |  | 113 |  |  |  | 30 |  |  |  | 33 |  |  |  | (60 | ) |  |  | (17 | ) |  |  | 104 |
a. | The above table has been re-presented in order to separately disclose the deferred tax on ‘Deferred revenue’ and ‘Research and development’ (both previously disclosed in ‘Other short-term temporary differences’), to aggregate deferred tax on ‘Deferred compensation’ with ‘Employee benefits’ (previously both disclosed separately), and to present deferred tax on ‘Expected credit losses on trade receivables’ within ‘Other short-term temporary differences’ (previously disclosed separately).
b. | The movements in 2024 and the closing balance arise as a result of the revised agreement with the IHG Owners Association (see note 3) and deferred revenue in respect of co-branding agreements.
c. | Becomes due in 2025 unless prevailing law at that time allows further deferral.
d. | Wholly in respect of revenue losses.
e. | Primarily in respect of contract costs, right-of-use assets, unrealised foreign exchange and expected credit losses on trade receivables, none of which has a balance exceeding $20m.
Summary of Deferred Tax Balance After Offset of Assets and Liabilities and Analysis by Key Territory | The analysis of the deferred tax balance after considering the offset of assets and liabilities within entities where there is a legal right to do so and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either the current or prior year are as follows:
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |
Deferred tax assets |  |  |  |  | 122 |  |  |  |  |  | 134 |
Deferred tax liabilities |  |  |  |  | (18 | ) |  |  |  |  | (68 | )
|  |  |  |  | 104 |  |  |  |  |  | 66 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
United Arab Emirates |  |  |  |  | 12 |  |  |  |  |  | 9 |
United Kingdom |  |  |  |  | 99 |  |  |  |  |  | 113 |
United States |  |  |  |  | – |  |  |  |  |  | (53 | )
Other |  |  |  |  | (7 | ) |  |  |  |  | (3 | )
|  |  |  |  | 104 |  |  |  |  |  | 66 |
Summary of Unrecognised Deferred Tax Position | The total unrecognised deferred tax position is as follows:
|  |  |  |  |  |  | Gross |  |  |  |  |  | Unrecognised deferred tax |
|  |  |  | 2024 $m |  |  | 2023 $m |  |  |  |  |  | 2024 $m |  |  | 2023 $m |
Revenue losses |  |  |  |  | 432 |  |  |  | 450 |  |  |  |  |  |  |  | 75 |  |  |  | 79 |
Capital losses |  |  |  |  | 580 |  |  |  | 580 |  |  |  |  |  |  |  | 146 |  |  |  | 146 |
|  |  |  |  | 1,012 |  |  |  | 1,030 |  |  |  |  |  |  |  | 221 |  |  |  | 225 |
Tax credits |  |  |  |  | 46 |  |  |  | 32 |  |  |  |  |  |  |  | 46 |  |  |  | 32 |
Other a |  |  |  |  | 22 |  |  |  | 16 |  |  |  |  |  |  |  | 7 |  |  |  | 5 |
|  |  |  |  | 1,080 |  |  |  | 1,078 |  |  |  |  |  |  |  | 274 |  |  |  | 262 |
a. | Primarily relates to costs incurred for which tax relief has not been obtained.
Summary of Unrecognized Deferred Tax Based on Expiry Date | There is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the table below:
|  |  |  |  |  |  | Gross |  |  |  |  |  | Unrecognised deferred tax |
Expiry date |  |  |  | 2024 $m |  |  | 2023 $m |  |  |  |  |  | 2024 $m |  |  | 2023 $m |
2024 |  |  |  |  | – |  |  |  | 6 |  |  |  |  |  |  |  | – |  |  |  | 1 |
2025 |  |  |  |  | 11 |  |  |  | 11 |  |  |  |  |  |  |  | 2 |  |  |  | 2 |
2026 |  |  |  |  | 7 |  |  |  | 7 |  |  |  |  |  |  |  | 1 |  |  |  | 1 |
2027 |  |  |  |  | 7 |  |  |  | 7 |  |  |  |  |  |  |  | 1 |  |  |  | 1 |
2028 |  |  |  |  | – |  |  |  | 6 |  |  |  |  |  |  |  | – |  |  |  | 1 |
2029 |  |  |  |  | 10 |  |  |  | 10 |  |  |  |  |  |  |  | 10 |  |  |  | 10 |
After 2031 |  |  |  |  | 36 |  |  |  | 22 |  |  |  |  |  |  |  | 36 |  |  |  | 22 |

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