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Tesco to pay back £585m of business rates relief to UK government
StockMarketWire.com
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Supermarket group Tesco said it would pay £585 million back to the UK government that had been offered in the form of tax relief due to the Covid-19 pandemic.
Tesco said it had decided to pay back the business rates relief because its business had proven resilient and some potential risks had passed.
The company said that back in March, food retailers faced potentially disastrous outcomes, such as panic buying, supply problems and mass absences from work.
'While business rates relief was a critical support at a time of significant uncertainty, some of the potential risks we faced are now behind us,' chief executive Ken Murphy said.
Story provided by StockMarketWire.com
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