New tax and duty increases will significantly impact the cost of alcoholic beverages, potentially leading to further price hikes in the coming months.
For those anticipating a celebratory toast to mark the conclusion of Dry January, there's a sobering reality awaiting. Alcohol prices are poised to surge tomorrow as a significant tax and duty hike takes effect. The alcohol tax itself will climb by 3.6% in alignment with the Retail Price Index. Concurrently, a novel system to tax wines and spirits based on their alcohol strength will be implemented.
This translates to a 32 pence increase in duty for a bottle of gin, while wine with an alcohol by volume (ABV) of 14.5% will see a 54 pence hike.The Wine and Spirit Trade Association has issued a stark warning, predicting further price escalations on the horizon. In April, waste packaging recycling fees will come into play, adding an extra 12 pence to a bottle of wine and 18 pence to a bottle of spirits. Yet, a glimmer of hope presents itself for conscientious consumers: duty on draught products, commonly known as pints served in pubs, will be reduced by 1.7%, resulting in a penny off per pint.Alcohol duty is levied on manufacturers at the production stage. Spirits and wines typically face a heavier tax burden compared to ciders and beers due to their higher alcohol content. Manufacturers generally transfer this duty onto consumers, although the final price increase is at their discretion
Alcohol Prices Tax Hike Duty Increase Wine Spirits Draught Beer
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