Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 66

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 66
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 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 Senior 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 Senior 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 connection with which the payments are
received or to which the Senior 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 Senior 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 Senior
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.