ACS Calls on Chancellor to Incentivise Investment in 2018 Budget

ACS has reiterated its’ calls for the Chancellor to help retailers invest in their shops without being punished by the rating system ahead of the Budget on Monday (October 29th).

In its’ Budget submission earlier this year, ACS set out a number of reforms to make business rates fairer for local shops, help them to improve their offer to customers, and invest in technology to remain competitive in a challenging retail market. ACS’ recommendations include:

  • Introduce a business growth accelerator to delay increases in their rates bills as a result of investments for at least one year
  • Introduce a new rating methodology for online distribution warehouses, so that they pay their fair share of rates
  • Use funds from taxes levied against online businesses to reinstate the £1,500 reduction in business rates for high street businesses with a rateable value of under £50,000
  • Review the turnover-based rating schemes for ATMs and petrol forecourt sites that result in disproportionately high rates bills

ACS chief executive James Lowman said: “The business rates system now contradicts wider policy objectives: unfairly targeting essential services like free to use ATMs and petrol forecourts, and penalising retailers when they try to improve their stores. It is crucial that local shops, small businesses and other bricks and mortar stores feel confident to invest, especially as they need to change to compete with online retailers who pay very small rates bills by comparison. The practical, fair and proportionate measures we are proposing would rebalance the system and drive investment.”

The full submission is available on the ACS website here.

This entry was posted by Chloe on Fri, 26/10/2018 - 11:59