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Income tax (Tables)
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Summary of Components of Current Tax Expense Income and Adjustments for Current Tax of Prior Periods
All figures in £ millions
  
Notes
 
  
2019
 
  
2018
 
  
2017
 
Current tax
  
  
  
  
Credit/(charge) in respect of current year
  
  
 
(51
) 
  
 
92
 
  
 
(121
) 
Adjustments in respect of prior years
  
  
 
21
 
  
 
34
 
  
 
(2
) 
    
 
 
   
 
 
   
 
 
 
Total current tax credit/(charge)
  
  
 
(30
) 
  
 
126
 
  
 
(123
) 
    
 
 
   
 
 
   
 
 
 
Deferred tax
  
  
  
  
In respect of temporary differences
  
  
 
59
 
  
 
(6
) 
  
 
96
 
Other adjustments in respect of prior years
  
  
 
5
 
  
 
(28
) 
  
 
14
 
    
 
 
   
 
 
   
 
 
 
Total deferred tax (charge)/credit
  
 
13
 
  
 
64
 
  
 
(34
) 
  
 
110
 
    
 
 
   
 
 
   
 
 
 
Total tax credit/(charge)
  
  
 
34
 
  
 
92
 
  
 
(13
) 
    
 
 
   
 
 
   
 
 
 
Summary of Profit Before Tax Differences Calculated
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the UK tax rate as follows:
 
All figures in £ millions
  
2019
 
 
2018
 
 
2017
 
Profit before tax
  
 
232
 
 
 
498
 
 
 
421
 
Tax calculated at UK rate (2019: 19%, 2018: 19%, 2017: 19.25%)
  
 
(44
) 
 
 
(94
) 
 
 
(81
) 
Effect of overseas tax rates
  
 
(2
) 
 
 
(28
) 
 
 
15
 
Joint venture and associate income reported net of tax
  
 
10
 
 
 
8
 
 
 
15
 
Intangible impairment not subject to tax
  
 
—  
 
 
 
—  
 
 
 
—  
 
Intra-group financing benefit
  
 
11
 
 
 
25
 
 
 
26
 
Movement in provisions for tax uncertainties
  
 
3
 
 
 
111
 
 
 
49
 
Impact of US tax reform
  
 
—  
 
 
 
—  
 
 
 
(1
) 
Net expense not subject to tax
  
 
(10
) 
 
 
(29
) 
 
 
(39
) 
Benefit from change in US tax accounting treatment
  
 
—  
 
 
 
25
 
 
 
—  
 
Gains and losses on sale of businesses not subject to tax
  
 
57
 
 
 
77
 
 
 
8
 
Utilisation of previously unrecognised tax losses and credits
  
 
—  
 
 
 
—  
 
 
 
(1
) 
Unrecognised tax losses
  
 
(17
) 
 
 
(9
) 
 
 
(16
) 
Adjustments in respect of prior years
  
 
26
 
 
 
6
 
 
 
12
 
  
 
 
  
 
 
  
 
 
 
Total tax credit/(charge)
  
 
34
 
 
 
92
 
 
 
(13
) 
  
 
 
  
 
 
  
 
 
 
UK
  
 
(12
) 
 
 
37
 
 
 
(36
) 
Overseas
  
 
46
 
 
 
55
 
 
 
23
 
  
 
 
  
 
 
  
 
 
 
Total tax credit/(charge)
  
 
34
 
 
 
92
 
 
 
(13
) 
  
 
 
  
 
 
  
 
 
 
Tax rate reflected in earnings
  
 
(14.7
)% 
 
 
(18.5
)% 
 
 
3.1
% 
  
 
 
  
 
 
  
 
 
 
Summary of Tax Benefit/(Charge) Recognised in Other Comprehensive Income
The tax benefit/(charge) recognised in other comprehensive income is as follows:
 
All figures in £ millions
  
2019
 
  
2018
 
  
2017
 
Net exchange differences on translation of foreign operations
  
 
5
 
  
 
(4
) 
  
 
        9
 
Fair value gain on other financial assets
  
 
(4
) 
  
 
—  
 
  
 
(4
) 
Remeasurement of retirement benefit obligations
  
 
22
 
  
 
9
 
  
 
(42
) 
  
 
 
   
 
 
   
 
 
 
  
 
        23
 
  
 
        5
 
  
 
(37
)