Skip to content Skip to footer

Loading Results

Budget 2021 | "not mentioned in the Chancellor’s speech was confirmation from HMRC that Basis Period Reform will go ahead"


Christine Cairns, tax partner at PwC, said:

“Published in the Budget documents, but not mentioned in the Chancellor’s speech, was confirmation from HMRC that Basis Period Reform will go ahead. The reform will provide the Treasury with a boost of £1.7 billion in the first four years, through the acceleration of tax collection.

“Impacting the self-employed and partnerships, this was billed as a way to introduce simpler, fairer and more transparent rules. However, as acknowledged in the policy paper, this will introduce complexities for any businesses that do not have a 31st March accounting year end. In particular, there will be complexities for international businesses when considering the interaction with overseas taxes.

“These businesses will be concerned about the cost of implementing the changes and the increased complexity of the annual tax compliance process.” 


View our full Budget reactions

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see for further details.

© 2021 PwC. All rights reserved

Contact us

Ellie Raven

Ellie Raven

Senior Manager, media relations, PwC United Kingdom

Tel: +44(0)7525 925 830

Follow us