The Excise Duties (Miscellaneous Amendments and Revocations) Regulations 2024
Introduction
On December 2, 2024, the UK government introduced the Excise Duties (Miscellaneous Amendments and Revocations) Regulations 2024. These regulations aim to amend and revoke various existing excise duty regulations in the United Kingdom.
Key Provisions
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Amendments to the Excise Duties on Alcohol, Tobacco, Liquor and Betting (Amendment) Regulations 2017:
- Updates the excise duty rates for beer, wine, cider, spirits, and tobacco products to account for inflation.
- Introduces a new excise duty band for higher-strength spirits.
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Amendments to the Excise Duties (Notice, Payment and Records) Regulations 2013:
- Simplifies the process for submitting excise duty returns and paying duty electronically.
- Extends the time limit for paying excise duty from 14 days to 28 days after the due date.
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Revocation of Obsolete Regulations:
- The regulations revoke several obsolete excise duty regulations, including those relating to:
- Duty rebates on exported spirits
- Duty-free shops for travelers
- Excise duty on matches and lighters
- The regulations revoke several obsolete excise duty regulations, including those relating to:
Impact
The Excise Duties (Miscellaneous Amendments and Revocations) Regulations 2024 have several impacts:
- Increased Excise Duty Rates: The higher excise duty rates on alcohol and tobacco products will lead to increased prices for consumers.
- Simplification of Duty Returns and Payments: The simplified process for electronic submissions and extended payment deadline will make it easier for businesses to comply with excise duty regulations.
- Removal of Obsolete Regulations: The revocation of obsolete regulations will help streamline the excise duty system and reduce administrative burdens.
Effective Date
The Excise Duties (Miscellaneous Amendments and Revocations) Regulations 2024 came into force on December 2, 2024. The new excise duty rates and other amendments took effect immediately.
Additional Information
For more information on these regulations, please refer to the following resources:
The Excise Duties (Miscellaneous Amendments and Revocations) Regulations 2024
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