Delay in revaluation of business rates is welcomed by trade organisation

The new legislation will delay the updating of business rates in England and Wales until 2023. The Scottish government has also committed to delay its planned revaluation by a year to 2023.

James Lowman, chief executive of the Association of Convenience Stores (ACS), said: “We welcome the postponement of the revaluation which will give local shops more time to recover from the impact of coronavirus and provide retailers with much-needed certainty of tax liabilities in the coming months.

“We urge the government to recommit to three-yearly revaluations from 2023, continue looking at ways to improve the system to reduce that burden and better incentivise investment.

“Business rates are one of the biggest financial and administrative burdens faced by retailers and due to the current crisis local shops are already under immense pressure and the full extent of the impact of Covid-19 is currently unknown.”

The ACS has also called on the government and regulators to act to protect choice in the UK’s payment networks and support retailers who face escalating payment costs.

In its submission to the Treasury’s current payments landscape review, the ACS highlights the vital role that local shops play in ensuring financial inclusion for UK communities.

Lowman added: “Local shops have continued to invest in their stores in order to provide customers with the freedom to use a range of different payment methods.

“The costs of accepting payments however are increasing rapidly, which could make it more difficult for retailers to continue diversifying their payments options.

“The government should encourage the payment systems regulator to enact proposed measures to help retailers compare and switch card payment providers and ensure a restored national network supplying access to cash for both consumers and businesses.”