Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 67

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 67
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 through a permanent
establishment in the U.K. to which the Senior 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 to which the Senior Note is attributable.

Annual Tax Charges. Corporate U.S. holders
who are not resident in the U.K. and do not carry on a trade in the U.K. through a permanent establishment in the U.K. to which the Senior
Notes are attributable will not be liable to U.K. tax charges or relief by reference to fluctuations in exchange rates or in respect of
profits, gains and losses arising from the Senior Notes.

Stamp Duty and Stamp Duty Reserve Tax(“SDRT”).
The following paragraphs are drafted on the basis, as is expected to be the case, that the Senior Notes are “exempt loan capital”
(that is, that section 79(4) of the Finance Act 1986 applies to the Senior Notes).

No U.K. stamp duty or U.K. SDRT should arise on
the issue or transfer of the Senior Notes into a clearance service or depositary receipt arrangement.

<div align='center'>S-44</div>

No U.K. stamp duty or U.K. SDRT should be payable
on the transfer of the Senior Notes within a clearance service or depositary receipt arrangement.

No U.K. stamp duty or U.K. SDRT should be payable
on the redemption of the Senior Notes.

United States

Characterization of the Senior Notes.
For U.S. federal income tax purposes the Senior Notes should be treated as debt instruments and the remainder of the discussion so assumes.

Floating Rate Notes. The Floating Rate
Notes should be treated as “variable rate debt