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Tax Benefits from Investing in Fine Wines

gains from fine wine are generally exempt from capital gains tax

Inland Revenue Classification of Wine

The Inland Revenue classifies wine as a "wasting chattel", as wine will not normally survive for more than 50 years. So long as gains are achieved in under 50 years (the term is timed from date of acquisition not date of production) and the expected life of the wine is less than 50 years, this status can be applied.

Note that Port and other fortified wines may not be able to use this exemption due to increased longevity.

Tax Free Gains from Fine Wines

The benefit of a "wasting chattel" classification for your fine wine portfolio is that it is tax free.

The 2 tax reliefs that can be applied to your wine investments are: -

Wasting asset exemption (TCGA 1992 s45)
Chattel exemption (TCGA 1992 s262)

"As the Inland Revenue views wines as a 'wasting chattel' - an old tax term used to describe something which will ultimately deteriorate in value - you will not have to pay capital gains tax on the profits you make on your cellar."

- www.ThisIsMoney.com

Import and Sales Duties

If you import your wines to the UK, you will have to pay an import duty and VAT at 17.5%.

However Capital Vintners are able to offer you a world class managed bonded warehouse to cellar your wines, meaning you do not need to pay either of these duties.