Hike in Excise Duty May Prove Debilitating for Scotch Whisky
Scotch Whisky is expected to become more expensive in the UK after the British government hikes excise duty rates. Phillip Hammond, Chancellor of the Exchequer during the 2017 Spring Budget, announced the revision of excise duty rates. According to reports, the duty will increase by 4% (36 pence) per priced bottle.
The industry has termed the tax hike as a ‘major blow’ to the business, as the total tax on an average Scotch bottle (including value added tax and excise duty) will be 79% of the total cost. This amount is 21% higher than the total tax in 2010.
Producers of Scotch whisky have been campaigning in favor of lower taxes for the spirit. Their argument – the industry supports more than 40,000 jobs in the country and generates £4.9 billion for its economy.
The Scotch Whisky Association (SWA) has asked for a review of the duty system, as it has calculated that an average 70cl bottle will be costing £8.05, while the total tax will be £10.20. Julie Hesketh-Laird, acting Chief Executive at SWA, stated in a release, “A nearly 4% duty rise and a 79% tax burden on a bottle of whisky is a major blow, reversing recent progress.” She further added that at a time when the government should be supporting the sector, producers are facing the uncertainties of Brexit with the detrimental tax rise.
Even Diageo has requested the government for the reversal of the tax hike and redo the excise duty system.
London’s Sexy Fish Unveils Japanese Whisky Collection for Tasting
The fervour surrounding Japanese whiskies has put them at the pinnacle of the global market. Their demand has only surged, as they continue to win accolades from around the world. Upscale destination bar - Sexy Fish in Mayfair, London boasted of having the world’s second largest (Europe’s largest) collection of Japanese whiskies. The Sexy Fish bar is considered as one of the most creative and impressive today, for their trove of Japanese whisky, wonderful events and Asian cuisine.Read More
UFC Winner May Soon Launch Brand of Irish Whiskey
MMA lovers, hold onto your horses! The reigning UFC (Ultimate Fighting Championship) lightweight champion, Conor McGregor, is soon going to hit the Irish whiskey market with a new range of whiskeys. McGregor has named his whiskey ‘Notorious’, which has irked companies who claim they had trademarked the name before him. The Irish MMA fighter has said that he plans to “take over the Irish whiskey market”.Read More
Bruichladdich Unveils Transparency Bottling at Islay Festival
Bruichladdich will introduce the transparency “2017 Feis Ile bottling” at the Islay Festival scheduled to happen later this week. The distillery will unveil the “heavily peated Port Charlotte NAS single malt” called Transparency. Nearly 1000 bottles will be made available, each priced at £100.Read More