The second quarter’s results of the “Sugar tax” have been published by HM Revenue & Customs, showing a 50% increase from the previous quarter’s receipts says Paul Haywood-Schiefer, manager at Blick Rothenberg.
Paul said, 'There is a certain irony in this healthy increase for the Government on their tax on the deemed “unhealthy” soft drinks industry.'
He added, 'The first quarter’s figures were in line with their target to raise £240m for the year, but if the current trend continues, then by the end of the first year of this tax, I’d expect the Government to take a further £90-100m over this target. This money, should be a welcome boost for the Governments pledge to use the funds to provide to schools to upgrade sports facilities and equipment, as well as going towards funding healthy school breakfast clubs.'
Paul said, 'The tax is paid over on a quarterly basis in the month after the quarter end, so the next results will be through in February for the three month period from October 2018 to December 2019.'
For more information, please contact Paul Haywood-Schiefer on PHS@blickrothenberg.com