The Government and Royal Mint are supporting retailers to prepare as the 30-year-old round pound coin is brought out of circulation and replaced with a new 12-sided version. The target week for the introduction of the new coin is the last week of March 2017.
The new pound coin will be the most secure of its kind in the world. This is to combat counterfeiters. There are around 45 million counterfeit £1 coins currently in circulation, generating significant cost to industry and taxpayers.
ACS (the Association of Convenience Stores) has responded to the PRS for Music consultation on the simplification of the PRS retail tariff, raising concerns that the changes will hit the smallest shops the hardest.
Under the proposals, any business that previously had a reduced rate for having a small audible area (by broadcasting through a single radio or television) will incur a £51.50 increase to their rates each year.
ACS (the Association of Convenience Stores) has called on the Government to do more to reform the business rates system in a submission to the Treasury ahead of the Chancellor’s Autumn Statement on November 23rd.
