Update on the formal consultation on basis periods
Mark Waddilove
Mark Waddilove
Partner - National Lead of Professional Services and Head of RSM UK partnership taxation
So they do sometimes listen! The Financial Secretary to the Treasury,?Rt Hon Lucy Frazer QC MP, announced in Parliament yesterday that MTD for income tax would start from 2024/25 (and 2025/26 for general partnerships) and basis period reform would not happen before April 2024, with the transition not before 2023. Watch this space.