Bank of England Updates Form PL Definitions for National Accounts Alignment

The Bank of England has released Statistical Notice 2026/06, detailing revisions to the definitions for Form PL (Profit and Loss) aimed at enhancing consistency with the ONS UK National Accounts standards. This form gathers data on the income and expenses of reporting institutions, serving as a crucial component for the UK National Accounts and Balance of Payments. The revisions, which stem from feedback from reporting entities and an internal assessment, primarily focus on the handling of tax (PL16 / PL.01.01.01 C0010 R1600), providing new guidance on production taxes and associated charges. The revised definitions will be published on Friday, 31 July 2026, and will take effect for the Q1 2027 reporting period, with submissions expected in May 2027. Firms must review these definitions, update their internal processes, and inform relevant teams before the Q1 2027 deadline. While the Bank does not foresee significant changes in reporting, it invites inquiries to the PL team at DSDPLTeam@bankofengland.co.uk. A summary of all upcoming Statistical Notice items can be found on the Statistical notices page.