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Taxation on ordinary activities (Tables)
 12 Months Ended
Dec. 31, 2024
Major components of tax expense (income) [abstract]  
Summary of Taxation on Ordinary Activities (a) Summary of taxation on ordinary activities
2024
£m
2023
£m
2022
£m
UK corporation tax
24
32
(3)
Comprising:
 – current year tax expense
15
20
2
 – adjustments in respect of prior periods
9
12
(5)
Overseas tax
2,679
2,779
2,721
Comprising:
 – current year tax expense
2,571
2,804
2,675
 – adjustments in respect of prior periods
108
(25)
46
Current tax
2,703
2,811
2,718
Pillar Two income tax (note 10(h))
79
—
—
Total current tax
2,782
2,811
2,718
Deferred tax
(2,425)
(5,683)
(240)
Comprising:
 – deferred tax relating to origination and reversal of temporary differences
(2,176)
(5,577)
(174)
 – deferred tax relating to changes in tax rates
(249)
(106)
(66)
357
(2,872)
2,478
Summary of Factors Affecting Taxation Charge The taxation charge differs from the standard rate of corporation tax in the UK of 25.0% for 2024, 23.5% for 2023 and 19.0% 2022.
The major causes of this difference are listed below:
2024
2023
2022
£m
%
£m
%
£m
%
Profit/(loss) before tax
3,538
(17,061)
9,324
Less: share of post-tax results of associates and joint
ventures (see note 9)
(1,900)
(585)
(442)
1,638
(17,646)
8,882
Tax at 25% (2023: 23.5%; 2022: 19%) on the above
410
25.0
(4,147)
23.5
1,688
19.0
Factors affecting the tax rate:
Tax at standard rates other than UK corporation tax rate
395
24.1
619
(3.5)
397
4.5
Other national tax charges
277
16.9
310
(1.8)
244
2.7
Pillar Two income taxes
79
4.8
—
—
—
—
Permanent differences
(71)
(4.3)
845
(4.8)
83
0.9
Overseas withholding taxes
168
10.3
179
(1.0)
156
1.8
Double taxation relief on UK profits
(30)
(1.8)
(46)
0.3
(26)
(0.3)
Unutilised/(utilised) tax losses
33
2.0
(15)
0.1
12
0.1
Adjustments in respect of prior periods
117
7.1
(13)
0.1
41
0.5
Deferred tax relating to changes in tax rates
(249)
(15.2)
(106)
0.6
(66)
(0.7)
Additional net deferred tax (credits)/charges
(772)
(47.1)
(498)
2.8
(51)
(0.6)
357
21.8
(2,872)
16.3
2,478
27.9
Summary of Tax on Items Recognised Directly in Other Comprehensive Income (f) Tax on items recognised directly in other comprehensive income
2024
£m
2023
£m
2022
£m
Current tax
(6)
(5)
(6)
Deferred tax
(18)
12
(106)
(Charged)/credited to other comprehensive income
(24)
7
(112)