Autumn Budget: how will it affect you?
Following the Chancellor's Autumn Budget, we wanted to share with you how this might affect your business.
The Chancellor announced that:
- All planned RPI excise duty rises have been frozen
- A new simplified system for alcohol duties will come into effect from February 2023.
This simplified system consists of the following changes:
- Simplify the system from 15 to 6 duty rates. Stronger alcohol products within a category will attract a higher rate of duty.
- The Government wants to encourage small producers, with a new relief similar to brewers' relief for products of up to 8.5% ABV.
- The higher rate for sparkling wines will be removed. There will also be a cut on duty for fruit ciders.
- Pubs will see a Draft Relief, a lower rate of duty for draft containers (>40L). The chancellor claimed draft relief will cut duty by 5%.
Should you have any queries regarding these changes, please do not hesitate to contact your Account Manager.
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