Chancellor announces sugar tax
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- Published: Wednesday, 16 March 2016 13:43
- Written by News Editor
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In his budget, the Chancellor of the Exchequer, George Osborne, announced that he would introduce a levy on soft drinks manufactruers who produce high sugar content drinks. It will come into force in 2018 and the expected £520m to be raised will help support school sport.
The new levy will be placed onto soft drinks manufactureres, and based on the amount of sugar they use, in bands. If the manufacturer reduces the sugar content in drinks, the levy will fall.
The Chancellor anticipated some manufacturers will pass on the levy, others will re formulate and retain present prices.
Details from HM Treasury:
Soft drinks industry levy
– The government will introduce a new soft drinks industry levy to be paid by producers and importers of soft drinks that contain added sugar. The levy will be charged on volumes according to total sugar content, with a main rate charge for drink above 5 grams of sugar per 100 millilitres and a higher rate for drinks with more than 8 grams of sugar per 100 millilitres.
There will be an exclusion for small operators, and we will consult on the details over the summer, for legislation in Finance Bill 2017 and implementation from April 2018 onwards.
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