Business & Investment

Snacks Overhaul UK Alcohol Tariffs

The number of main duty rates has been reduced from 15 to just 6-the stronger the drink, the higher the rate.

Mr Snack criticized the current alcohol tax system as outdated and too complex, as he revealed the changes.

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“We have taken advantage of leaving the EU to announce the most radical simplification of alcohol obligations for over 140 years,” he said. “Today we are taking five steps to create a simpler, fairer and healthier system.”

Stronger red wines, fortified wines, or high-intensity “white ciders” have a slight increase in their proportion. Roses, fruit cider, liqueur, low-strength beer and wine are cheaper. This means that 3p is removed from the draft beer pint. Craft producers will also be cheaper.

“Our reforms make the alcohol duty system simpler, fairer and healthier. They help livelihoods while tackling problematic drinking,” Sunak said. .. However, some pub groups have already warned that the cost of wage increases could add 30 pence to the cost of a pint.

Minutes after the announcement, JD Weatherspoon’s share rose 5%. Marston shares rose 6% and Mitchells & Butlers rose 4%.

The prime minister has canceled the planned fuel tax hike in response to soaring gasoline prices, with the theme of subsidizing living expenses. The Treasury claims that this will save £ 15 on the cost of filling the average car.

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Sunak added that this could save £ 8 billion over the next five years. The fuel tax has been frozen for the 12th consecutive year.

Tobacco tariffs will also increase by another 4% on rolling tobacco, and excise taxes will increase by at least 1%.

The Prime Minister also announced that the domestic air passenger tax rate will be reduced from April 2023. Snack said 9 million passengers saw price cuts and regional airports would benefit from this measure. However, higher fares will be introduced for long-haul flights over 5,500 miles.

Snacks Overhaul UK Alcohol Tariffs

https://www.investmentweek.co.uk/news/4039326/autumn-budget-2021-sunak-overhauls-uk-alcohol-duties Snacks Overhaul UK Alcohol Tariffs

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