v3.26.1
TAX
6 Months Ended
Jun. 30, 2026
TAX  
TAX

5 TAX

For the six months ended 30 June 2026, the income tax expense has been determined based on management’s best estimate of the effective tax rate applicable for the full year. This is then applied to the pre-tax profit of the interim period, with the tax due on adjusting items considered on an item-by- item basis.

Six months ended 30 June

2026

2025

Pre-tax profit

Tax

Tax rate

Pre-tax profit

Tax

Tax rate

£m

£m

%

£m

£m

%

IFRS

1,056

(286)

27.1%

1,075

(262)

24.4%

Adjusting items

189

(36)

39

(10)

Adjusted

1,245

(322)

25.9%

1,114

(272)

24.4%