Strategic Report Governance
Financial Statements
163
Income tax recognised in other comprehensive income
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
Revaluation of land and buildings
(1) (1) (1)
– – –
Total deferred tax
Total income tax recognised in other comprehensive income
Income tax recognised directly in equity
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
Current taxation Relief on Tier 1 interest
(4) (4)
(4) (4)
Total current tax
Deferred taxation Relief in respect of share-based payments
(4) (4) (8)
– –
Total deferred tax
Total income tax recognised directly in equity (4) Pillar 2 is not considered to have a significant impact on the Group’s financial statements. The Group is predominantly a UK-centric business with an effective tax rate of close to the UK rate of tax of 25%. In 2023, IFRS 17 Insurance Contracts was adopted. Cumulative differences arising between IFRS 17 and the previous accounting standards (IFRS 4), which represent the differences in retained profits previously reported and impact of the adoption of the standard, are brought back into the computation of taxable profits. However, legislation provided for transitional arrangements whereby such differences are amortised on a straight-line basis over a ten-year period from 1 January 2023. The tax charge for the year to 31 December 2024 includes current tax relief arising from amortisation of transitional balances of £34m (2023: £32m). 7. REMUNERATION OF DIRECTORS Information concerning individual Directors’ emoluments, interests and transactions is given in the Directors’ Remuneration report. For the purposes of the disclosure required by Schedule 5 to the Companies Act 2006, the total aggregate emoluments of the Directors in the year was £5m (2023: £5m). Employer contributions to pensions for Executive Directors for qualifying periods were £nil (2023: nil). The aggregate net value of share awards granted to the Directors in the year was £2m (2023: £3m), calculated by reference to the average closing middle-market price of an ordinary share over the five days preceding the grant. One Director exercised share options during the year with an aggregate gain of £1m (2023: two Directors exercised options with an aggregate gain of £3m). 8. STAFF NUMBERS AND COSTS The average number of persons employed by the Group (including Directors) during the financial year, analysed by category, was as follows: Year ended 31 December 2024 Number Year ended 31 December 2023 Number Directors 10 11 Senior management 165 142 Staff 1,179 1,052 Average number of staff 1,354 1,205
The aggregate personnel costs were as follows:
Year ended 31 December 2024 £m
Year ended 31 December 2023 £m
Wages and salaries Social security costs Other pension costs
121
104
15
11
7 6
6 6
Share-based payment expense
Total
149
127
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