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RICHARD HOLME and OLA MAJCHERCZYK consider whether there can be a better tax shelter than investing in wine
KEY POINTS
- Can substantial gains on this investment be tax-free?
- CIR v Fraser: might the sale of wine be trading?
- When will wine be a wasting asset?
- HMRC’s opinion and Revenue Interpretation 208.
- Using the exemption for chattels to cover sales.
- Inheritance tax and overseas aspects of wine investments.
Imagine an investment that has increased in value by more than 1% each month since the mid-1950s and on which tax-free returns might be enjoyed with careful planning.
Imagine also that there may be inheritance tax benefits and if the investment does prove financially disappointing it can always be consumed with pleasure and a capital loss possibly claimed.
All of these promotional points appear on the websites of wine brokers but how far can the promises be sustained...
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