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17/03/2016

Budget Announcement 2016

On the 16 March 2016 George Osborne delivered his eighth Budget as chancellor. The key announcements that will affect the food and drink industry are as follows;

Sugar Tax

  • New tax on fizzy drinks will come into effect in two years time
  • A banded approach, firstly targeting drinks with more than 5g of sugar per 100ml and a second higher tier of 8g per 100ml
  • Fruit juices and milk drinks are excluded
  • ‘Smaller’ producers are also unaffected
  • The estimated £520m raised will help support school sports

Alcohol and Tobacco

  • Duty freeze on beer, cider and whisky
  • Other alcohol duties will rise in line with inflation
  • Cigarette duty will also rise with inflation plus 2% and rolling tobacco by 3%
  • These changes are effective from now

Fuel

  • Fuel duty remains at 57.95p per litre for the sixth year in a row
  • Freeze remains despite recent dip in oil prices

Business Rates

  • Annual threshold for 100% relief on business rates affecting smaller businesses and retailers has more than doubled from £6,000 to £15,000
  • This latest change will exempt 600,000 firms
  • SME’s will benefit from a rise in the higher rate business rate bracket which increased from £18,000 to £51,000

Corporation Tax

  • Corporation tax – currently 20% – to fall to 17% by 2020

 

Source >> Grocer 

 

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