I was amused that The Times in their Budget Review this morning had a separate section titled Sin Taxes! The good news is that it wasn’t referring to the Adult Entertainment Industry but alcohol and tobacco duties instead which will be frozen on beer, cider and spirits. Duty on wines will rise in line with RPI inflation. The tobacco duty escalator will continue to rise at inflation plus 2%.
However, the best part of today’s Budget for the adult entertainment industry must be the announcement that that VAT threshold will not be reduced and will continue at its present level of £85,000 for a further two years until April 2022.
As to the overall affect of the Budget on you, it depends where you are sitting in the pecking order. Higher earners will be better off, middle and low earners will not be so fortunate. In general, the less you earn the less you will benefit from this Budget especially if you receive benefits.
And, we mustn’t forget, that everything will change unless the Prime Minister can strike the “right” deal over Brexit. Fingers crossed on that one.