SHARE PREMIUM ACCOUNT

12 Months Ended

Dec. 31, 2022

Disclosure For Share Premium Account Explanatory [Abstract]

NOTE 40: SHARE PREMIUM ACCOUNT


	2022 £m	2021 £m	2020 £m
At 1 January	18,479	17,863	17,751
Issued under employee share schemes	25	19	112
Redemption of preference shares1	–	597	–
At 31 December	18,504	18,479	17,863

1 During the year ended 31 December 2021, the Company redeemed certain tranches of its preference shares, which had been accounted for as subordinated liabilities. On redemption an amount of £17 million was transferred from the distributable merger reserve to the capital redemption reserve and £597 million was transferred from the distributable merger reserve to the share premium account, with these amounts representing the nominal value of the shares redeemed and premium upon original issuance respectively.