To ask the Secretary of State for International Trade, what assessment the Government has made of the effect on (a) the average prices, (b) consumption, and (c) tax revenues deriving from the sale of duty-paid tobacco products in the UK of the imposition of the UK global tariff on imports of finished tobacco products from 1 January 2021.
20 November 2020
We will publish more analysis in the Tax Information and Impact Note (TIIN) alongside the legislation, as is standard practice.
However, it is difficult to predict how quickly consumer prices will be impacted, particularly as there may still be some adjustment costs associated with no longer operating under EU rules and regulations.
The Office for Budget Responsibility (OBR) will publish a final estimate of UK Global Tariff (UKGT) tariff revenue at the next fiscal event.