“We are delighted by the provisions made by the Treasury on key issues impacting independent petrol retailers,” said Brian Madderson, Chairman of the Petrol Retailers Association (PRA), commenting on today’s Budget from the Chancellor.
Rishi Sunak, the Chancellor, announced in his Budget today measures that will be of much benefit to the petrol sector.
Madderson spoke today to Matthew Dix, Head of Commercial Property Tax at the Treasury, who confirmed the abolishment of business rates for the tax year 2020-21 for small businesses in the retail sector. This applies to businesses with a rateable value of less than £51,000 and will be of enormous help to filling stations in order to cope with the economic hardship of coronavirus.
The freeze on fuel duty for another year is also welcome, keeping fuel costs down for consumers. We are also pleased with the decision to exclude the agriculture industry from the abolishment of the red diesel tax relief, especially in relation to the recent floods in the northern former ‘red wall’, to keep the sector thriving.
Additionally, the proposal that legislation will be introduced to protect access to cash is also a good step in maintaining millions of people’s access to their money.
Madderson continued, “This Budget will be beneficial for our members, and will help them maintain strong business activity in a period of uncertainty.”
About the RMI
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.