Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 87

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 87
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 an exercise of U.K.
bail-in power, nor does it address any U.S. state or local tax consequences or any federal tax considerations other than U.S. federal
income tax considerations. You should satisfy yourself as to the tax consequences of the acquisition, ownership and disposition of the
Notes.

United Kingdom

Payments. Interest that we pay on the Notes
will be made without withholding for or deduction of U.K. income tax, provided that the Notes are and remain listed on a “recognised
stock exchange” within the meaning of Section 1005 of the Income Tax Act 2007 (the “Act”). The New York Stock Exchange
is currently a recognised stock exchange for these purposes. The Notes will be treated as listed on
the New York Stock Exchange if they are officially listed in the United States in accordance with provisions corresponding to those generally
applicable in the United Kingdom and EEA states and are admitted to trading on the New York Stock Exchange.

<div align='center'>S-61</div>

In all other cases, an amount on account of U.K.
income tax must generally be withheld at the basic rate (currently 20%), unless one of certain exceptions relating to the status of the
holder applies. In particular, certain U.S. holders will be entitled to receive payments free of withholding of U.K. income tax under
the Treaty and will under current HM Revenue & Customs (“HMRC”) administrative procedures be able to make a claim for
the issuance of a direction by HMRC to this effect. However, such directions will be issued only on prior application to the relevant
tax authorities by the holder in question. If the Notes are not listed on a recognised stock exchange and such a direction is not given,
we will be required to withhold tax, although a U.S. holder entitled to relief under the Treaty may subsequently claim the amount withheld
from HMRC.

Interest on the Notes constitutes U.K. source
income for U.K. tax purposes and, as such, may be subject to U.K. income tax by direct assessment irrespective of the residence of the
holder. However, where the payments are made without withholding or deduction on account of U.K. tax, the payments will not generally
be assessed to U.K. income tax (other than in the hands of certain trustees) if you are not resident in the U.K. for tax purposes, except
if you carry on a trade, profession or vocation in the U.K. through a U.K. branch or agency in