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Christmas is a time for giving. And Sainsbury has just become the third UK supermarket chain to give back its business rates relief to the government.
The latest supermarket to fall into line on business rates relief
NEW: Sainsbury’s will forgo £410m of rates relief this financial year
Follows Tesco & Morrisons yesterday
Sainsburys, including argos, got £450m of business rates relief in 20/21
Sainsburys will pay the Sainsburys part, £410m for 20/21
it will not forgo the £40m Argos section, as those stores closed.
For 21/22 Sainsburys will pay the £30m of rates relief.
TOTAL £440m forgone
However, lockdown restrictions have remained in place for longer than originally expected and throughout the pandemic all Sainsbury’s stores have been deemed essential retail.
Almost all have been open and trading strongly, with the exception of a small number of convenience stores. As a result of this, Sainsbury’s sales and profits have been stronger than originally expected, particularly since the start of the second national lockdown in England and we have therefore taken the decision to forego the business rates relief on all Sainsbury’s stores.