The Vin-X Fine Wine Tax Report set outs the tax advantages of fine wine – which reliefs are available and what to be aware of.
Peter Owen, of Gatwick Enterprise Tax Services, provides a professional overview on the tax treatment of fine wine by HM Revenue & Customs in Vin-X’s Fine Wine Reports. This concise and easy to consume summary, provides a general overview which considers HMRC’s current focus on tax avoidance and the impact of the Revenue’s application of the new Corporate Criminal Offence Legislation. With this in mind he provides a reminder of the application of the Revenue’s Wasting Assets and Chattels exemptions with regard to Capital Gains Tax.
Brexit is also commented on in the Report and potential implications in terms of tax and economic growth.
Of particular importance, the Report looks at fine wine’s exposure to Capital Gains, Income and Inheritance Taxes and what tax benefits are available. Additional reliefs are also offered by investing in Enterprise Investment Scheme qualifying companies (EIS and SEIS) which trade in wine and he points to these too.
Peter summarises that “With care, a well-managed portfolio of fine wines can attract valuable Capital Gains Tax reliefs” but also cautions that “investors should be careful not to be deemed to be trading” and in so doing triggering an income tax obligation, he explains this point further in the Vin-X Report.
We would stress the point that the Report provides a general overview only and that owners of fine wine should seek specialist advice based on their individual circumstances. Get your free copy of the VIN-X TAX REPORT for the financial year 2018 / 19 here.
Given the tax benefits that can be enjoyed with fine wine, we remind you that we have a limited availability of probably the most exciting wine of the newly released 2017 Bordeaux en primeurs. Chateau Pavie is one of the top wines of the vintage and the Vin-X price is currently the best in the market, strongly positioning this allocation for future growth.
LIMITED ALLOCATION CHATEAU PAVIE 2017 – SEE OUR BUY RECOMMENDATION HERE
We have a very limited supply available – contact us now to secure your allocation on 0203 384 2262.