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The tax treatment of wine is examined by TOBY CROOKS
KEY POINTS
- Trading or investment?
- Exemption as a wasting asset.
- Ready-to-drink period.
- Wine as a potentially exempt transfer.
T’was the night before Christmas and tax practitioners throughout the land rejoice in festive merriment; or perhaps not as 31 January looms ominously grinchlike.
What better way to keep such negativity at bay than to swirl your cup of Chateau Fleet Street meditatively and join me in contemplating the taxation of wine.
Wine dealing
If an individual buys and sells wine the starting point is whether a trade is taking place. Regard should be given to the badges of trade and relevant case law.
Where a client maintains his own cellar it is usually clear there is no fiscal trading unless the client is obviously in the business of dealing wine for...
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