Budget ‘beerlaterals’: How Burnham and Healey really work
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Chancellor John Healey is reportedly preparing a tax crackdown on online marketplaces such as Amazon and eBay for his first budget. According to Guardian Business, these platforms would become responsible for collecting VAT at source for retailers on their platforms with an annual turnover exceeding £90,000. This measure aims to target foreign retailers avoiding VAT and could raise up to £1bn for the Treasury. The Times reported that these changes are expected to fund cuts to business rates for high street shops.
Pressure is mounting on Healey and Andy Burnham to provide relief for struggling small businesses ahead of the October 28 budget. Burnham previously stated he would increase the business rates threshold so that 140,000 small high street retailers would not pay the tax. Meanwhile, City AM notes that the Chancellor faces several "low-hanging fruit" opportunities to support businesses, including restoring VAT-free shopping for international visitors and addressing Sunday trading laws to help boost growth and competitiveness.
Brief written by urgent.news from Politico EU, Guardian Business, City AM — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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