Retailers urge government to release tax rebates amid coronavirus crisis
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UK retailers have urged the government to approve billions of pounds worth of tax rebates to help cash flow as businesses battle to stay afloat amid the coronavirus pandemic.
The British Retail Consortium and rating advisory Altus Group have called on the chancellor, Rishi Sunak, to settle outstanding business rates appeals ahead of the new tax year, which starts on Wednesday.
All non-essential retailers were ordered to close last week in a bid to tackle the spread of coronavirus.
Sunak has already offered an aid package to the retail and hospitality industry, including a business rates holiday and a pledge to cover up to 80 per cent of wages for furloughed workers.
However, the industry is still struggling as the government mandated lockdown has caused revenue to plummet.
Dominic Curran, the British Retail Consortium’s property adviser, said “In these exceptional circumstances the Government should settle all outstanding business rates appeals without question and pay back the money claimed by ratepayers. It would offer a vital lifeline for many retailers.”
Altus Group UK president of expert services Alex Probyn said “there are now significant and substantial funds held by councils earmarked and reserved for tax rebates back to business.”
Curran added it is “unacceptable that billions of pounds were sat in Councils’ reserves doing nothing at this time of national crisis”.
He said: “It is money that has already been collected to cover business rate appeals. Many of these businesses may not even be around in a few months to receive it unless the Chancellor acts now.”