11 Tax.


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Profit/(loss) before tax
2010
£m

Tax (expense)/ credit
2010
£m

Profit/(loss) before tax
2009
£m

Tax (expense)/ credit
2009
£m

From continuing operations

 

 

 

 

Risk

663

(179)

913

(254)

Savings

204

(54)

77

(23)

Investment management

179

(36)

144

(38)

International

163

(54)

170

(57)

Group capital and financing

54

(8)

47

(8)

Investment projects

(39)

11

(32)

9

Operating profit

1,224

(320)

1,319

(371)

Variation from longer term investment return

161

(43)

(413)

158

Effect of economic assumption changes

292

(83)

(335)

99

Property losses attributable to non-controlling interests

(19)

Effect of UK Budget tax changes

33

Tax impact of corporate restructure

59

Profit/(loss) before tax/Tax

1,677

(413)

552

(55)

The UK [EEV] calculations and the tax rate used for grossing up in the income statement are based on a UK corporation tax rate of 27% (2009: 28%). See Note 18 for further details of tax assumptions.

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