John Swinney, cabinet secretary for finance and sustainable growth in the Scottish government, has proposed up to a 35 per cent tax grab from supermarkets and other large retailers, as the Scottish government looks for an additional £30m in business rates from large retailers.
Malcolm Naish, chairman of the Scottish Property Federation, warns that supermarkets could find it hard to create vital jobs in the country (whose recovery is already lagging behind the rest of the UK) if the move goes ahead. “The tax rise will inevitably be paid by either the consumer or ultimately, the investor,” he says. “The selective imposition of additional business rates on large retailers, who are key drivers of our economy, questions whether Scotland is really open to business investment and long-term sustainable economic growth. The consequences of supplementary rates on a few large retailers may be far greater and longer reaching than the Scottish government realises.” The measures are particularly damaging for retail-led development and regeneration projects. Liz Peace, chief executive of the British Property Federation, asks: “Is hammering supermarkets – a sector that has made enormous contributions to regeneration and provides jobs to thousands of people – really a sensible way to promote economic recovery?” Picture source
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.