Duty, Capital Gains & Inheritance Tax
All Whisky casks purchased through Viticult are stored in a Government bonded warehouse. All goods stored in a government bonded warehouse are completely exempt from UK Duty Taxes unless removed. Put simply, a bonded warehouse works in a similar way as a duty free zone in an airport. Casks purchased through Viticult are done so ‘in bond’ and sold ‘in bond, thus bypassing any such taxation fees (20%).
Storage costs range from £50 - £100.This covers insurance and security of your cask. In the unlikely your cask either damaged you will be fully insured at market value. Viticult covers the first year storage.
The purchase of a physical assets generally comes with heavy taxation. The only way to incur taxation on whisky cask ownership 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 investors 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.