Key bricks and mortar retailers call for overhaul of current tax system

Names including Tesco, Waterstones, Morrisons and Asda sign joint letter to Chancellor Rishi Sunak asking to be put on a level playing field with online rivals.

A number of key retail names are calling for an overhaul of the current tax system, putting bricks and mortar retailers on a level playing field with online retailers ahead of the Chancellor’s spring Budget.

Leaders at UK supermarkets, high street chains and retail property owners have written to Rishi Sunak asking for an overhaul of the current tax system, reported The Industry.Fashion.

18 bosses – including those from Tesco, Waterstones, Asda, Morrisons and Pets at Home – have called for a permanent reduction in business rates in the March 3 Budget.

Despite non-essential retailers currently unable to open, property tax is due to restart in April for the new financial year. Retailers, leisure and hospitality companies have not had to pay rates for the current financial year after the government launches a rates holiday at the beginning of the pandemic.

The retailers have said that a failure to reform the rates system in the Budget will ‘hamper the recovery’ of the retail sector, post pandemic.

Reform should ensure that online retailers pay similar levels of tax to bricks and mortar ones.

The letter stated: “Reducing business rates for retailers and rebalancing the tax system to ensure online retailers pay a fair share of tax would be revenue-neutral, provide a vital boost to bricks and mortar retailers and support communities in need of levelling up.”

In addition, Tesco has renewed its calls for the biggest online players to be hit with a 1% levy.

Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.

MORE NEWS
LicensingExpothumbnail500x500
 
This year’s show - taking place from 20-22 May at the Mandalay Bay Convention Center in Las Vegas - will see a 16% year-over-year increase in exhibiting companies, from key growth areas including food and beverage, fashion, LBE, sports and character licensing....
DisneyStitch500x500
 
Disney Consumer Products has launched a raft of new Stitch product into the market ahead of the release of the hotly tipped live action movie....
JackHendyRHS500x500
 
We find out more about Royal Horticultural Society's licensing development executive....
SamBillinghurstBrown500x500
 
We find out more about Retail Monster's licensing and retail associate....
NatGalleriesScotlandLOGIC500x500
 
Based in Tokyo, LOGIC designs and sells apparel and accessories throughout Japan, China and Taiwan in stores such as United Arrows, Beams and Urban Research....
TheWiggles500x500
 
Following a strong upturn in business performance - including new strategic partnerships and internal team advancements - the group continues to build momentum across Australia and global markets....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.