Posted by Vicky Hernandez, Partner
The government has delayed making a decision on introducing a new tax on online sales in its March Budget following dramatic growth in online sales during the COVID pandemic. It had been widely anticipated that this would be accompanied by a shake-up of the business rates regime and throw a much-needed lifeline to struggling high streets.
In an effort to assist distressed companies during the ongoing Coronavirus pandemic, Wrongful Trading actions were temporarily suspended from March 2020 under section 12 of the Corporate Insolvency and Governance Act 2020 (CIGA) until 30 September 2020.
No-one would argue that 2020 hasn’t been tough for retailers but there are some who are emerging as clear winners from this turbulent year.
It’s the September quarter day and an important day for retailers as, for many, the next quarter’s rent will be due to their landlords. However, as the Government recently extended its moratorium on the recovery of commercial rents until the end of the year landlords may not have high hopes of being paid today.
Amie Dee, from our Retail & Leisure sector team, reacts to the news that an online sales tax could be introduced by the Government.
Following the news that Intu is close to administration, Vicky Hernandez from our specialist Retail team looks at what this might mean for commercial landlords in the sector as well as the future of the high street.
The Government has unveiled five new task forces devoted to vulnerable sectors of the economy.
In his statement yesterday (23 April), Business Secretary set out measures to protect high street shops and other companies under strain from aggressive rent collection.
Commercial landlords: our Real Estate team offers guidance on dealing with tenants in these unprecedented times.