Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 64

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 64
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Scots law.

<div align='center'>S-41

Certain U.K. and
U.S. Federal Tax Consequences</div>

The following is a summary of the material U.K. and U.S. federal tax consequences of the ownership and disposition of the Senior Notes by a “U.S. holder” described below that is not connected with us for relevant tax purposes, that holds the Senior Notes as capital assets and that purchases them as part of the initial offering of the Senior Notes at their “issue price”, which for any series of Senior Notes will be equal to the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) at which a substantial amount of the Senior Notes of that series is sold for money. For purposes of this discussion, a “U.S. holder” is a person that for U.S. federal income tax purposes is a beneficial owner of a Senior Note and (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or of any state thereof or the District of Columbia, or (iii) an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

This discussion does not describe all of the tax
consequences that may be relevant to U.S. holders in light of their particular circumstances or to U.S. holders subject to special rules,
such as:

| · | persons who are resident in the United Kingdom for U.K. tax                    
 purposes or who are domiciled or deemed to be domiciled in the United Kingdom; |

| · | certain financial institutions; |

| · | insurance companies; |

| · | dealers or traders in securities that use the mark-to-market 
 method of tax accounting;                                    |

| · | persons holding Senior Notes as part of an integrated transaction; |

| · | persons whose functional currency is not the U.S. dollar; |

| · | partnerships or other entities classified as partnerships for 
 U.S. federal income tax purposes;                             |

| · | certain persons connected with us; or |

·persons carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom or carrying on a trade,
profession or vocation in the United Kingdom through a branch or agency in the United Kingdom or otherwise holding Senior Notes in connection
with a trade or