11 TAX.


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Profit/(loss) before tax
2011
£m

Tax (expense)/ credit
2011
£m

Profit/(loss) before tax
2010
£m

Tax (expense)/ credit
2010
£m

From continuing operations

 

 

 

 

Risk

801

(187)

663

(179)

Savings

228

(54)

204

(54)

Investment management

210

(40)

179

(36)

International

242

(85)

163

(54)

Group capital and financing

44

(6)

54

(8)

Investment projects

(56)

15

(39)

11

Operating profit

1,469

(357)

1,224

(320)

Variation from longer term investment return

(111)

87

161

(43)

Effect of economic assumption changes

(21)

11

292

(83)

Property losses attributable to non-controlling interests

(3)

Effect of tax rate changes

156

33

Profit/(loss) before tax / Tax

1,334

(103)

1,677

(413)

The UK [EEV] calculations assume a tax basis which reflects the annualised current tax rate of 26.5% and the planned future reductions in corporation tax to 25% from 1 April 2012, 24% from 1 April 2013, and 23% from 1 April 2014 (previously a single tax rate was used: 2010: 27%). The tax rate used for grossing up in the income statement is based on a UK corporation tax rate of 23% (2010: 27%).

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