Attention, fellow wine lovers! Picture this: You're leisurely strolling through the supermarket, and there it is, your beloved bottle of wine. That one you savor on cozy evenings or special occasions. Your excitement builds as you approach, but wait! The price has unexpectedly surged due to a pesky 44p tax increase heading our way at the end of the month. Brace yourself for the largest wine duty hike since 1975, impacting a staggering 90% of wine sold in the UK, starting from 1st August.
The government's announcement of this tax rise in 2021 was met with mixed reactions. Some hailed it as a bold move, the "most radical simplification of alcohol duties for over 140 years." The new taxation system will now take into account the strength of alcoholic drinks, meaning the higher the ABV (alcohol by volume), the higher the tax.
Let's take a closer look at the wine tax changes:
• Still Wine 12.5% ABV 75cl - Currently: £2.23 - from 1st August: £2.67 - Difference: +44p
• Sparkling Wine 12% ABV 75cl - Currently: £2.86 - from 1st August: £2.76 - Difference: -19p
As you can see, the prices of still wine with 12.5% ABV will rise by 44p per bottle, so, if you have a favorite wine, now might be the perfect time to stock up before the price hike takes effect.
This impending tax increase does present an ideal opportunity to embark on a grand wine shopping spree. By purchasing your favorite wines before 1st August, you can save your hard-earned pennies and relish the delight of securing fantastic deals. After all, sipping wine becomes even more enjoyable when you know you've scored a bargain!
Additionally, for those who prefer the convenience of shopping online, huge appreciation goes to The Wine Society's CEO, Steve Finlan. Via a LinkedIn announcement, he assured customers that the company will hold prices even after the government's alcohol duty changes takes effect from August. The Wine Society will absorb the cost until October 2023, so you can continue to explore their selection of wines without worrying about immediate price fluctuations.
While these wine tax changes might seem daunting at first, they also present an opportunity to make strategic wine purchases and enjoy the pleasure of securing great deals.
Always remember to drink responsibly.