This ad will be closed automatically in X seconds.

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
TSG_WP_Box
 
London Stationery Show is the UK’s only event dedicated to the stationery, arts, crafts, paper and writing instruments sector. The acquisition also includes Stationery Matters magazine/online and National Stationery Week....
PrimarkItaly500x500
 
Primark has outlined its ambitious growth plans for the Italian market - including an investment of €50 million in the territory and the aim of growing its store footprint to 20....
LegoFortnite500x500
 
The new survival crafting game, LEGO Fortnite, will go live inside Fortnite from 7 December....
SSCaptivate500x500
 
Categories will span tableware to cook and bake essentials, waste disposal, utility accessories and pet products and gifts....
FlannelsBeyonce500x500
 
The luxury department store has teamed up once more with Beyoncé's Parkwood Entertainment, opening the doors of a special pop-up to celebrate the release of the artist's Renaissance film....
CarouselLondonStudios500x500
 
The art licensing and design studio has confirmed a further two collaborations with Carousel Calendars....
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.