Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Summary of tax expense


		2023 GBPm		2024 GBPm		2025 GBPm
Current tax
Current year		(652)		(661)		(750)
Prior years		77		54		24
Total current tax charge		(575)		(607)		(726)
Deferred tax		68		(6)		54
Tax charge		(507)		(613)		(672)

Summary of weighted average of tax rates applicable to accounting profits and losses


		2023					2024					2025
		GBPm		%			GBPm		%			GBPm		%
Profit before tax		2,295					2,557					2,750
Tax at average applicable rates		(571)		24.9	%		(647)		25.3	%		(687)		25.0	%
Tax effect of share of results of joint ventures and associates		8		(0.3)	%		9		(0.4)	%		11		(0.4)	%
Income not taxable and expenses not deductible		20		(0.9)	%		16		(0.6)	%		8		(0.3)	%
Non-deductible costs of share based remuneration		(1)		0.0	%		(2)		0.1	%		(1)		0.0	%
Non-deductible disposal-related losses		(22)		1.0	%		(7)		0.3	%		(24)		0.9	%
Deferred tax assets of the period not recognised		(3)		0.1	%		(18)		0.7	%		(2)		0.1	%
Change in recognition and measurement of deferred tax		4		(0.2)	%		13		(0.5)	%		16		(0.6)	%
Movements in provisions and prior year items		58		(2.5)	%		23		(0.9)	%		7		(0.3)	%
Tax charge		(507)		22.1	%		(613)		24.0	%		(672)		24.4	%

Summary of tax recognised in other comprehensive income or directly in equity


		2023 GBPm		2024 GBPm		2025 GBPm
Tax on items that will not be reclassified to profit or loss
Tax on actuarial movements on defined benefit pension schemes		19		(11)		(3)

Tax on items that may be reclassified to profit or loss
Tax on fair value movements on cash flow hedges		(12)		3		(5)

Net tax (charge)/credit recognised in other comprehensive income		7		(8)		(8)
Tax credit on share based remuneration recognised directly in equity		24		20		21

Summary of current tax assets and liabilities


		2024 GBPm		2025 GBPm
Current tax assets		42		13
Current tax liabilities		(119)		(153)
Total		(77)		(140)

Summary of deferred tax assets and liabilities


		2024 GBPm		2025 GBPm
Deferred tax assets		84		75
Deferred tax liabilities		(473)		(405)
Total		(389)		(330)

Summary of movements in deferred tax liabilities and assets


		Deferred tax liabilities				Deferred tax assets
		Acquired intangible assets GBPm		Other temporary differences GBPm		Acquired intangible assets GBPm		Losses and other tax attributes GBPm		Pension balances GBPm		Other temporary differences GBPm		Total GBPm
Deferred tax (liability)/asset at 1 January 2024		(652)		(182)		99		96		47		247		(345)
Credit/(charge) to profit		52		14		(31)		(31)		(10)		-		(6)
(Charge)/credit to equity/other comprehensive income		-		(14)		-		-		6		1		(7)
Acquisitions		(16)		-		-		1		-		-		(15)
Disposals and other		-		-		-		-		-		(2)		(2)
Exchange translation differences		(10)		(1)		(2)		(2)		-		1		(14)
Deferred tax (liability)/asset at 1 January 2025		(626)		(183)		66		64		43		247		(389)
Credit/(charge) to profit		52		22		(31)		-		(3)		14		54
(Charge)/credit to equity/other comprehensive income		-		(8)		-		-		1		3		(4)
Acquisitions		(25)		-		-		-		-		-		(25)
Disposals and other		-		-		-		-		-		-		-
Exchange translation differences		36		7		2		-		(1)		(10)		34
Deferred tax (liability)/asset at 31 December 2025		(563)		(162)		37		64		40		254		(330)

Schedule of losses and other tax attributes for which no deferred tax is recognised


		2024			2025
		GBPm Gross amount	GBPm Tax effected		GBPm Gross amount	GBPm Tax effected
Trading losses and temporary differences expiring
Within 10 years		55	15		59	13
More than 10 years		13	3		10	2
Available indefinitely		185	51		100	25
Total		253	69		169	40
State and local tax losses expiring
Within 10 years		18	1		18	1
More than 10 years		57	3		48	3
Available indefinitely		-	-		-	-
Total		75	4		66	4
Capital losses expiring
Within 10 years		-	-		-	-
More than 10 years		-	-		-	-
Available indefinitely		140	31		144	32
Total		140	31		144	32