UK: Government banks on wine tax windfall
UK: Government banks on wine tax windfall
Nov 30, 2011 6
(Just-drinks) - Wine is set to overtake beer as a contributor of duty tax to UK Government coffers, with little sign that ministers plan to halt the duty escalator for alcohol.
Figures produced by the UK Government as part of its Autumn pre-Budget statement, issued yesterday (29 November), show that the Treasury expects to increase returns from wine duty tax by 58% over seven years. It recouped GBP3.1bn (US$4.8bn) in wine duty receipts in the last financial year, to the end of March 2011, and expects to be reaping GBP4.9bn by the end of March 2017.
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