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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 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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