Philip Hammond made the announcement as part of his Budget, saying that the move will "transform the economics of sustainable packaging".
He added that the UK "must become a world leader in tackling the scourge of plastic packaging".
The date when the new tax will come into force has not yet been announced.
The Chancellor's commitment did not extend as far as to introduce a levy on single use coffee cups – in a bid to cut waste in the same way the 5p plastic bag levy has done in supermarkets.
The "latte levy", would have charged around 25p for each disposable coffee lid cutting the UK's disposable cup waste at the same time.
It is estimated that about 2.5 billion cups are being chucked away in the UK every year.
Philip Hammond said: "The Government has concluded that a levy on all cups would not at this time be effective in encouraging widespread reuse."
Environment campaigners described the announcement as "woefully inadequate".
John Sauven, Greenpeace UK executive director, said: “The Chancellor has delivered a budget that reads as though he missed the memo.
“We’re currently in the middle of a plastics pollution crisis and yet the Chancellor failed to take even small steps towards stemming the flow of single use plastics by choosing not to introduce a tax on disposable coffee cups and ignoring calls for a tax on brand new plastic.
“Philip Hammond claims he cares about restoring nature for the next generation, but this Budget represents a major fail in delivering on this vision.”
The new tax is the latest move made by the UK government to tackle the issue over plastic and the environment.
Earlier this year, Theresa May dubbed plastic waste as "one of the greatest environmental challenges facing the world" and added that the UK was taking a lead in tackling the problem.
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In October, Environment Secretary Michael Gove revealed a speedier than expected timetable for his latest clampdown on pollutants.
Mr Gove commented that a ban on plastic straws, cotton buds and stirrers could be place as early as next year.
Iceland was the first major retailer to promise it will eradicate plastic packages from its own brand range by 2023. The Sun put the supermarket's 'plastic free' fakeaway range to the test earlier this year.
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