29 October 2018
Daniel Lyons, Head of Tax Policy at Deloitte, said:
“The single use plastics tax was expected, and will be introduced in 2022, applying to the manufacturing or import of plastic packaging that does not contain at least 30% recycled plastic. There’s little detail at present, and it’s impossible to say how effective it will be in changing consumer behaviour without knowing what the rate will be.”
VAT threshold gets a reprieve, for now…
“Many commentators thought the Chancellor was going to take an axe to the VAT threshold. By freezing it for an additional two years, until 2022, the Chancellor will avoid the potential burden of reducing the threshold at the same time as introducing Making Tax Digital and Brexit. However, the anomaly of the UK’s very high VAT registration threshold continues to distort economic activity and a long-term solution will need to be considered.”
Beer, cider and spirit duty stays chilled, while the Chancellor puts a cork in wine duty
“Wine drinkers will be disappointed to note that the duty on their preferred tipple will increase by 8p per bottle (effective 1 February 2019), whereas drinkers of beer, ciders and spirits will benefit from the freeze.”
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