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Wine and gin drinkers will have to shell out more from today as alcohol taxes rise.

The shake-up aims to encourage drinkers to cut back by taxing all alcohol based on its strength, rather than the previous categories of wine, beer, spirits and ciders.

The increase will see duty rise by 44p on a bottle of wine – something announced a few months ago in the budget.

When combined with VAT, the real increase per bottle will be 53p, the Wine and Spirit Trade Association (WSTA) said.

Cost of living – latest: Scale of housing market downturn

There was also an increase in drinking

Chancellor Jeremy Hunt said in March that a freeze on alcohol duty would end on 1 August and increase in line with the Retail Price Index measure of inflation, which was 10.7% last month.

All types of tipple are therefore affected.

Duty on an 18% cream sherry will go up from £2.98 to £3.85.

Combined with VAT, it adds up to an increase of more than £1 a bottle, while a bottle of port will go up by more than £1.50.

The total tax on a bottle of gin or vodka will rise by about 90p.

For beer drinkers, Mr Hunt is cutting the duty on draught pints across the UK by 11p.

It is seen as a measure designed to boost pubs, many of which have been closing.

Prime Minister Rishi Sunak hailed the move as beneficial to “thousands of businesses across the country”.

However, the British Beer and Pub Association said brewers will pay 10.1% more tax on bottles and cans of beer from Tuesday.

It means duty will make up about 30% of the cost of a 500ml bottle.

Scotch Whisky Association director of strategy Graeme Littlejohn described the 10.1% duty increase as a “hammer blow for distillers and consumers”.

He warned: “Pubs and other on-trade businesses are about far more than beer and cider.”

Read more:
Food price inflation slows to lowest level this year
Consumer borrowing hits five-year high

The Treasury has said that more than 38,000 UK pubs will benefit from tax relief that effectively freezes or cuts the alcohol duty on beer poured from tap from Tuesday.

Mr Hunt said: “British pubs are the beating heart of our communities and as they face rising costs, we’re doing all we can to help them out. Through our Brexit Pubs Guarantee, we’re protecting the price of a pint.

“The changes we’re making to the way we tax alcohol catapults us into the 21st century, reflecting the popularity of low alcohol drinks and boosting growth in the sector by supporting small producers financially.”

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

The US Securities and Exchange Commission has officially dropped its investigation into the New York-based tokenization platform Ondo Finance, which it initiated in 2023.

Ondo Finance has received formal notice that a confidential, multi-year SEC investigation into the platform has been closed without any charges, the company announced on Monday.

“The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security,” the statement said.

The SEC’s decision to end the investigation reflects a broader shift in the US policy regarding real-world asset (RWA) tokenization, bringing it on the authority’s formal agenda, Ondo noted.

A new chapter of tokenization in the US

According to a report by Crypto in America, the SEC initially opened the probe in October 2023 under former SEC Chair Gary Gensler, who was known for his stringent stance toward the crypto industry.

However, since Paul Atkins took over as SEC chair, the agency has closed a number of crypto-related cases involving major companies, including Coinbase, Ripple and Kraken.

“When the inquiry began in 2024, the US regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions,” Ondo Finance said in its blog post.

Source: Ondo Finance

Against that backdrop, Ondo was “one of the only firms focused on tokenizing publicly listed equities at scale,” it said, adding: “Being early, and being successful, came with scrutiny.”

According to Ondo, the resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another, where tokenized securities become a “core part of the US capital markets.”

“The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition,” Ondo said.

Most US tokenization platforms serve overseas markets

The news comes as most tokenization platforms offer tokenized equity products primarily to customers outside the US, including firms such as Kraken-owned Backed, the issuer of xStocks.

While these platforms tokenize major US-listed stocks and exchange-traded funds (ETFs), many of the offerings are aimed at clients located overseas, particularly in Europe.