Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Schedule of taxation charge attributable to the group


		2025		2024		2023
		$ million		$ million		$ million
Current taxation:
UK corporation tax at 25.0% (2024: 25.0%; 2023: 23.5%)		23		13		15
Overseas tax		147		182		165
Current income tax charge		170		195		180
Adjustments in respect of prior periods		(41)		(37)		(45)
Total current taxation		129		158		135
Deferred taxation:
Origination and reversal of temporary differences		10		(79)		(116)
Changes in tax rates		(1)		–		(2)
Adjustments to estimated amounts arising in prior periods		16		7		10
Total deferred taxation		25		(72)		(108)
Total taxation as per the income statement		154		86		27
Taxation in other comprehensive income		(4)		6		(18)
Taxation in equity		(4)		1		–
Taxation charge attributable to the Group		146		93		9

Schedule of reconciliation of expected tax charge at the UK statutory rate with the actual tax charge


		2025		2024		2023
		$ million		$ million		$ million
Profit before taxation		779		498		290
Expected taxation at UK statutory rate of 25.0% (2024: 25.0%, 2023: 23.5%)		195		125		68
Differences in overseas taxation rates¹		(30)		(33)		(24)
Innovation reliefs²		(9)		(10)		(7)
Recognition of previously unrecognised temporary differences³		(10)		(8)		(14)
Expenses not deductible for tax purposes⁴		24		32		38
Pillar Two top up taxes⁵		8		8		–
Change in tax rates		(2)		–		(2)
Withholding tax		3		2		3
Adjustments in respect of prior years⁶		(25)		(30)		(35)
Total taxation charge as per the income statement		154		86		27

1	Difference between profits taxed at UK tax rate and countries with a lower tax rate, partially offset by profits taxed in countries with a higher tax rate than the UK.

2	Innovation incentives relating to R&D expenditure and income arising from UK patents.

3	Deferred tax credit arising from reassessment of deferred tax asset recoverability using latest forecasts.

4

In 2025, this includes a $13m impact relating to non-tax deductible acquisition related costs, and other permanent differences where items are deductible for accounting but not tax purposes (2024: $16m impact of non-tax deductible impairment on UK owned investments, 2023: $7m impact of non-tax deductible impairment on UK owned investments).

5	Additional taxes arising from the implementation of Pillar Two legislation (see above) which was effective from 1 January 2024.

6	The adjustments in respect of prior years are explained on page 224.

Schedule of movements in the main components of deferred tax assets and liabilities

Inventory,

Accelerated

Retirement

Losses

provisions

tax

benefit

and other

and other

depreciation

Intangibles

obligations

tax credits

differences

Total

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

At 31 December 2023

(91)

(138)

(6)

198

302

265

Exchange adjustment

–

–

–

(1)

(7)

(8)

Movement in income statement – current year

7

22

4

32

14

79

Movement in income statement – prior years

(11)

–

–

–

4

(7)

Movement in other comprehensive income

–

–

(1)

–

(5)

(6)

Movement in equity

–

–

–

–

(1)

(1)

Acquisitions

–

(19)

–

16

–

(3)

At 31 December 2024

(95)

(135)

(3)

245

307

319

Exchange adjustment

(2)

–

(1)

5

3

5

Movement in income statement – current year

(18)

18

(1)

(4)

(5)

(10)

Movement in income statement – prior years

(16)

17

–

(7)

(10)

(16)

Movement in other comprehensive income

–

–

–

–

4

4

Changes in tax rate

–

–

(1)

–

2

1

Movement in equity

–

–

–

–

4

4

At 31 December 2025

(131)

(100)

(6)

239

305

307

Represented by:


		2025		2024
		$ million		$ million
Deferred tax assets		347		350
Deferred tax liabilities		(40)		(31)
Net position at 31 December		307		319