Scotland’s Food and Drink sector is vitally important to the Scottish Economy. Consistently Food and Drink is Scotland’s top export sector, latest HM Revenue and Customs statistics shows that, for 2018, food and drink exports totalled £6.3bn. Of this, £2.3bn were to the EU.
The last few weeks have been filled with speculation about what the Chancellor’s expected October budget would contain and everyone was braced for increased tax rates in some shape or form. However, with the budget now pushed back to the Spring of 2021 the Chancellor instead delivered his Winter Economy Plan with a range of measures to support jobs and businesses over the next few months.
It has been widely speculated that there may have been Capital Gains Tax (‘CGT’) reforms announced in this year’s Autumn Statement, which could have had a significant impact on the net proceeds on transactions from late 2020 onwards.
Before lockdown, a member of our specialist food & drink team dined at The Kitchin in Edinburgh where they were impressed by a brilliant document (see below) illustrating where Michelin Star Chef, Tom Kitchin sources each of the ingredients used in his kitchen. While many Scottish restaurants take pride in sourcing local, fresh ingredients that diners very much appreciate, we often don’t extend this principle to the foods stacked in our fridge and served on our dining tables.