Today’s Budget saw the Chancellor announce big changes for business rates and alcohol duty.
Sunak announced his plan to extend 50% business rates relief for the hospitality industry for the next financial year April 2022/March 2023.
Duty rates on alcohol will be cut from 15% to 6% in a system that sees lower strength drinks including rose wines and fruit ciders attract a lower tax rate, and higher alcohol drinks attract higher duties, including stronger red wines, fortified wines and high-strength ciders.
Pubs and bars will benefit from a new ‘draught relief’ reducing duty on draught beers sold in pubs, seeing the average cost of a pint reduced by 3p.
The Budget overall did not surprise, and as it was only announced minutes ago, much still remains to be analysed and digested.
The headlines seem favourable but the small print will need diligent examination before informed judgements taken.