​

​

Half year ended

​

​

30 June

  ​ ​ ​

30 June

​

  ​ ​ ​

2026

​

2025

​

​

£m

​

£m

Profit before tax

​

4,318

​

3,585

​

​

​

​

​

Expected tax charge

(1,080)

​

(896)

Losses and temporary differences in period where no deferred tax assets recognised

(3)

​

(4)

Foreign profits taxed at other rates

4

​

21

Items not allowed for tax:

​

​

​

​

- losses on disposals and write-downs

(6)

​

5

- UK bank levy

(17)

​

(17)

- regulatory and legal actions

(3)

​

(16)

- other disallowable items

(24)

​

(14)

Non-taxable items:

​

​

​

​

- FX recycling on Ulydien capital reduction

​

22

​

—

- RPI-related uplift on index-linked gilts

​

17

​

9

- other non-taxable items

​

5

​

15

Taxable foreign exchange movements

1

​

(3)

Unrecognised losses bought forward and utilised

23

​

18

Net increase in the carrying value of deferred tax assets in respect of UK losses

​

—

​

26

Banking surcharge

(110)

​

(95)

Tax on paid-in equity dividends

​

37

​

40

Adjustments in respect of prior years

​

(4)

​

1

Actual tax charge

(1,138)

​

(910)