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EXCISE DUTIES FOR 2017/2018

8th March 2017 BUDGET PROPOSALS
AND CHANGES FOR 2017/2018 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

New Vehicle Excise Duty bands are to be introduced from April 2017 – zero (£0), standard (£140) and premium. The Premium rate affects cars costing in excess of £40,000 where an extra £310 is added to the Standard Rate for the first 5 years.

“Classic” Cars – From 1 April 2017, vehicles constructed more than 40 years before the 1st January of that year will automatically be exempt from paying Vehicle Excise Duty. The rolling tax exemption for classic cars is set to continue for the foreseeable future.

Insurance Premium Tax will be increased from 10% to 12% with effect from 1 June 2017.

Sugar Tax – From 2018 there will be a two tier level of duty; 18p per litre on drinks with 5g of sugar per 100ml and 24p per litre on drinks with 8g per 100ml.

Fuel duty is frozen for 2017/18.

There are no changes to the previously announced planned increase in duties on alcohol and tobacco which means that with effect from 13th March 2017:-

Beer Increase of 2p per pint
Cider Increase of 1p
Wine Increase of 10p a bottle
Whisky Increase of 36p a bottle
Cigarettes Increase of 35p for a packet of 20
Hand Rolling Tabacco Increase of 42p on 30 gram packet