WSTA Responds to November Budget Report 2017
Please find the WSTA November Budget 2017 report on the following link: http://bit.ly/Budget2017NOV
Rates have been frozen which means no uprating to the duty rate. This means:
- Duty on a 750ml bottle of wine will remain at £2.16
- Duty on a 750ml bottle of sparkling will remain at £2.77
- Duty on a 750ml bottle of fortified wine will remain at £2.89
- Duty on a 70cl bottle of vodka at 37.5% will remain at £7.54
- Duty on a litre bottle of vodka at 37.5% will remain at £10.78
- Duty on a 70cl bottle of Gin at 40% will remain at to £8.05
- Duty on a litre bottle of Gin at 40% will remain at £11.50
Following calls from the WSTA, the Government has agreed that future duty changes should not take place immediately after the budget and therefore forecasts assume that any upratings will take place on 1 February each year.
It is estimated this will have saved the industry £247m in additional tax liabilities in 2018.
Miles Beale, Chief Executive of the WSTA said:
“We are pleased that the Chancellor has found his festive spirit and listened to the call from the WSTA and its members and has frozen wine and spirit duty. He has shown the Government is in touch with what consumers want and is supporting an industry which is proving to be a real asset to British business. He has recognised that rebalancing the UK’s excessive duty rates is a win/win for both the Treasury, the wine and spirit trade – not to mention consumers. This decision will be celebrated by millions who will raise a glass this festive season!”