Budget 2012: Osborne announces a range of measures
Chancellor George Osborne MP has announced a range of measures in Parliament today including the Government's plans on Alcohol duty and AWP machines.
So far he has announced:
- AWP machines: A standard rate of 20% and a lower rate for low stakes and prize machines of 5% of net takings.
- No changes to duty rates on alcohol meaning the beer duty escalator will remain
- Duty on cigarettes will rise 5% above inflation which is 37p on a packet of cigarettes
- From April the top rate of tax will drop to 45p from 50p
- VAT: Government will close the loopholes on VAT. Currently soft drinks and sports drinks pay VAT while sports nutrition drinks do not. Hot takeaways pay VAT but the Government will look at hot takeaway offer from the supermarket chains which do not currently pay VAT.
- From next April personal allowances will be increased by £1,100. People will be able to earn £9,205 before they have to pay tax.
- Sunday trading hours will be relaxed for eight Sundays from 22 July to help businesses during the Olympics.
- Planning: On Tuesday the Government will publish the national planning policy framework. This will drop "red tape" from planning and will cut the document from 1,000 to 50 pages. There will be a presumption towards promoting sustainable development.
- There will be an automatic review of the state pension age
- Low interest rates will be passed on with national loan guarantee scheme which was launched yesterday
- Enhanced capital allowances for enterprise zones in Scotland
Follow live updates on Weds 21 March from 12.30pm of the Chancellor's announcements affecting the pub industry on: Twitter and Facebook
For reaction from the trade and further insight on the implications for licensees, visit the Morning Advertiser website throughout the afternoon. And remember you can add your thoughts and discuss the Budget implications with fellow users in our forum.
