United Kingdom (UK) budget announcement – Alcohol tax reform

On 28 October 2021, UK Chancellor of the Exchequer announced plans to overhaul the excise tax system for alcohol. While details are still unclear, it is understood that the proposed changes would benefit lower alcohol product (including sparkling wine) and significantly impact higher alcohol ones. It could mean that a bottle of 9.5% wine would be 47p cheaper, factoring in VAT, while an 11% bottle would rise by 12p, a 15% bottle would be 81p more expensive and a bottle of port at 20% would be £1.09 higher. If implemented the planned reforms are expected to come into effect in 2023.

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