Duty, Capital Gains & Inheritance Tax
All Whisky casks purchased through Viticult are stored in Government bonded warehouses. All goods stored in Government bonded warehouses are completely exempt from UK Duty Taxes unless removed. Put simply, bonded warehouse are duty free zones. Casks purchased through Viticult are done so in their ‘in bond state’ and sold ‘in bond’, thus bypassing taxation.
Storage costs range from £50 – £100 per year which covers the insurance and security of your cask. In the unlikely event that your cask is damaged you will be fully insured at market value. Viticult covers the first year storage as a good will gesture.
The purchase of physical assets generally comes with heavy taxation. The only way to incur taxation on your whisky casks is by bottling the whisky yourself. This is a service we can provide but advise against due to tax laws and bottling costs eating into potential value increases.
Another attractive point of cask ownership is the inheritance tax benefits. A lot of whisky owners even purchase these whisky casks with no intention of selling it themselves, but with the intention of passing it onto loved ones. This is a popular tradition in Scotland.
*Always seek advice from a tax adviser.