The retail trade will welcome several measures in today’s Budget, according to Conor Brindley, a lawyer in the retail sector at law firm Pinsent Masons LLP.
He said:“Today’s business-friendly Budget contains a number of measures that will be welcomed by retailers large and small.
“As from 6pm tonight, fuel duty will be cut by 1%, which should bring some relief to retailers already suffering from rising fuel prices.
“In addition the fuel duty escalator which adds 1p to fuel duty on top of inflation each year is to be cancelled.
“However, for CD and DVD high street retailers, the abolition of LVCR (low value consignment relief) is likely to be even more welcomed.
“LVCR gives tax breaks to retailers outside Europe selling small, low value items by allowing these items to be imported from abroad without suffering a VAT charge.
“In recent years, LVCR has been exploited by firms who have been importing CDs and DVDs from warehouses in Jersey and Guernsey for cheaper than their high street rivals, making it hard for high street retailers to compete as savvy shoppers buy, tax free, online.
“Small businesses will also be pleased to hear that the small business rate relief holiday is to be extended by one year to October 2012,” he said.
Source: Pinsent Masons LLP
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