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Budget - No tax rises on drinks!

The Chancellor said: “I can confirm that the planned increases in duties for spirits – like Scotch whisky – wine, cider and beer will all be cancelled.

“All alcohol duties frozen for the second year in a row – only the third time in two decades.”

This, he said, saved drinkers £7.3 billion, equating to 2p on a pint of beer, 1p on pint of cider, 8p on a 75cl bottle of wine, and 30p on a 70cl bottle of Scotch.

I don’t think so…

Your topic is similar to…

Reds for non-red drinkers
](Reds for non-red drinkers)

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Good news for now but of course the recent EPs won’t have their duty paid until after the next budget! :frowning:

I’ve had weird “topic is similar to” notes like that before. Not apparent relationship at all. I suspect whatever algorithm is responsible (all hail the Algorithm) gets upset if it can’t find something similar to puts up some random topic!

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I think it’s AI

Artificial Ignorance

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Corporation tax increase from 19% to 25% in 2023. Don’t imagine that hike wont be passed on to consumers. So early evening I shall sip a very small glass of Bah Humbug.

I love the concept of praising a wines & spirits tax hike that didn’t happen, and somehow passing it off as a ‘saving’ - I’m feeling richer already

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On the plus side it’s only from 2023 and also it’s only for businesses earning more than £250,000 profit. So the latter point rules my business out for the foreseeable future :rofl: and the former point is two years away and by then we should be into economic recovery (if not then we’re bankrupt anyway).

I actually think it’s quite sensible with everyone getting plenty of forward notice.

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So not Amazon then either?

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Aah… I missed the 250k profit rule. Likewise, it wont be troubling my business either.

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I’d be interested to see if the corporation tax rise will actually generate any more income in the longer term… For a business above a certain size it is definitely a factor driving a decision to invest in the UK or somewhere else.

That seems to be the big risk but currently all the talking heads seem to be acknowledging that it just about keeps us competitive and also that many/all of the countries that we might loose companies to are planning similar rises to their equivalents of corporation tax. But it’s clearly a fine balancing act…

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I’m not really sure how much difference it makes to companies big enough to choose where to invest because they seem to be able to artificially move the profits to where they want regardless of where the investment is for the most part.

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Actually it’s not quite that simple. It’s 25% for companies with profits greater than £250k and staying at 19% for companies with profits below £50k. Presumably there’s some sort of sliding scale for companies with profits between those two figures.

It isn’t as simple as that for a lot of companies that make real things, unless you want to undertake aggressive tax avoidance. It can be a driver of a ‘do I build a new factory in this country or that country’ though.

This is exactly right - there is a sliding scale, or “taper”, for profits between £50k and £250k.

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Excellent. However, regardless, I’ll be happy to see any profits in the next couple of years!

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