Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/customer/www/hammett-associates.co.uk/public_html/components/com_newsfeed/newsfeed.php on line 16

New cashback scheme proposed

Source: HM Treasury | | 22/10/2020

The government has announced plans to allow customers to get cashback from shops without needing to make a purchase. At the moment, cashback is only available to those who buy goods. The new proposals have been put in place to help protect the UK’s cash system following a steady decline in the use of cash. This process has accelerated significantly during the coronavirus pandemic.

Under the government proposals, cashback without a purchase could be widely available from retailers of all sizes in local communities across the UK.

Although cash use is declining, with people increasingly choosing cards, mobile and e-wallets to make payments, it remains crucial for at risk groups across the UK - including the elderly and vulnerable. Many find that cash is more accessible than digital payment methods or that it helps them to budget and manage their finances.

Current EU law makes it difficult for businesses to offer cashback when people are not paying for goods and this has been a barrier to widespread adoption. The government is now considering scrapping these rules once the transition period ends on 31 December 2020.

It is not clear what impact such a move would have on retailers who could face additional costs and administrative issues dealing with providing cashback with no clear benefit for them.

The government has also said that it is considering giving the FCA overall responsibility for maintaining a well-functioning retail cash system given its existing regulatory role and consumer protection objective.



Contact Us

8-10 Queen Street
Seaton
Devon
EX12 2NY
Tel: 01297 624188

Also in Exeter

21 Heavitree Road
Exeter
Devon
EX1 2LD
Tel: 01392 823999

 

Cookie Policy

Latest News


Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/customer/www/hammett-associates.co.uk/public_html/modules/mod_newsfeed/mod_newsfeed.php on line 16
Tax Diary December 2020/January 2021
26/11/2020 - More...
1 December 2020 - Due date for Corporation Tax payable for the year ended 28 February 2020. 19 December 2020 - PAYE and

Reasonable excuses for making a late furlough claim
26/11/2020 - More...
HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19 November 2020. The

Beware tax deadline scammers
26/11/2020 - More...
Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January deadline for submission of

News Search


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login