Underlying pre-tax profit
Underlying profits are profits adjusted in line with the industry proposed earnings measure and adjusted for the exceptional refinancing of Broadgate. The industry proposed adjusted earnings measure excludes gains on property or investment revaluations and disposals and related taxation, intangible asset movements and the capital allowance effects of IAS 12 where applicable.
Capital and JV tax
Capital and joint venture tax includes intangible asset movements, valuation and disposal gains and, where applicable, tax arising in funds and joint ventures.
