But what effect will the introduction of the tax have on consumers, manufacturers, and retailers?
"Introducing the sugary drinks tax is a great start, but is no silver bullet to tackle childhood obesity".
In an effort to combat rising levels of obesity among the poorest sections of society, the United Kingdom has followed Norway, France and Mexico to become the latest country to impose a sugar tax on soft drinks, with British soft drinks manufacturers being taxed on high-sugar products. The sugar tax is dependent on how much sugar a beverage contains. Professor Nava Ashraf, from the London School of Economics, is a leader in the field of behavioural economics. "Our teenagers consume almost a bathtub of sugary drinks each year on average, fuelling a worrying obesity trend".
But, if they grow so much that they exceed the 1 million litre threshold, they will have to register for the tax within 30 days of the month's end.
Sugary drinks will be taxed at 30c per litre when the Irish equivalent comes into effect. As such, these fizzy drinks will cost customers that little bit more.
Drinks containing five grammes of sugar per 100 ml will face a lower rate of 18 pence ($0.25, 0.21 euros) per litre, whereas those with more than eight grammes per 100 ml will face a rate of 24 pence per litre.
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"This isn't simply a case of brands looking to avoid paying tax, we're seeing a real sea change with brands of all sizes exploring new product and flavour innovation from low-sugar soft drinks targeting adults, to new lines for vegans".
The new levy will not be paid on milk-based drinks and fruit juices.
The money will help fund healthy school breakfast clubs and be reinvested in sport in schools.
Prices of popular drinks may rise and the size of portions shrink as a result.
Irn-Bru is one of the big name brands to change its recipe, cutting the sugar in a can from 8.5 teaspoons to four despite a consumer backlash and reports that fans were stockpiling cans and bottles of the original. Similarly, he mentioned that the government would consider implementing a similar tax on candies and chocolate, if they felt it was a necessary step towards encouraging healthier recipes.
The introduction of the levy means the United Kingdom joins a few countries, including Mexico, France and Norway, have introduced similar taxes.