Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 89

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 89
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 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 connection with which the payments are
received or to which the Notes are attributable (or in the case of a corporate U.S. holder, if you carry on a trade in the U.K. through
a permanent establishment in the U.K. in connection with which the payments are received or to which the Notes are attributable), in which
case (subject to exemptions for payments received by certain categories of agent) tax may be levied on the U.K. branch or agency (or permanent
establishment).

Disposal (including Redemption). Subject
to the provisions set out in the next paragraph in relation to temporary non-residents, a U.S. holder will not, upon disposal (including
redemption) of a Senior Note, be liable for U.K. taxation on gains realized, unless at the relevant time the U.S. holder is resident for
tax purposes in the U.K., carries on a trade, profession or vocation in the U.K. through a branch or agency in the U.K. to which the Notes
are attributable or, in the case of a corporate U.S. holder, if the U.S. holder carries on a trade in the U.K. through a permanent establishment
in the U.K. to which the Notes are attributable.

A U.S. holder who is an individual and who has
ceased to be resident for tax purposes in the U.K. for a period of five years or less before again becoming resident for tax purposes
in the U.K. and who disposes of a Senior Note during that period may be liable to U.K. tax on chargeable gains arising during the period
of absence in respect of the disposal (including redemption), subject to any available exemption or relief.

A U.S. holder who is an individual or other non-corporation
taxpayer will not, upon transfer or redemption of a Senior Note, be subject to any U.K. income tax charge on accrued but unpaid payments
of interest, unless the U.S. holder at any time in the relevant tax year was resident in the U.K. or carried on a trade, profession or
vocation in the United Kingdom through a branch or agency