Bank of England to update the Form PL (Profit and Loss) definitions, effective from the first quarter of 2027. The revisions, published on 31 July 2026, aim to improve consistency with the Office for National Statistics UK National Accounts. Key changes focus on the definition of tax (PL16/PL.01.01.01 C0010 R1600), clarifying treatment of taxes on production and related charges. Firms are advised to review the new definitions once released, adjust internal systems and reporting processes, and inform relevant teams before the 2027 submission deadline in May. The Bank expects minimal impact on reporting, but provides contact details for queries. The Bank notes that the changes are not expected to cause major reporting adjustments.
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Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
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