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Capital at risk. Physical gold and whisky casks are not regulated investments. The value of investments can go down as well as up. Past performance is not a guide to future performance.

Tax, explained

Tax on whisky casks and UK gold

Two long-standing rules, stated plainly: the wasting-asset rule for a cask, and legal-tender status for Sovereigns and Britannias. Tax rules can change and how they apply depends on your personal circumstances.

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Whisky casks

The wasting-asset rule, stated plainly

A glass of whisky beside an open book

Capital Gains Tax. HMRC generally treats a maturing cask as a wasting asset, the same rule that applies to a vintage car, so a gain when you sell usually falls outside Capital Gains Tax.

Duty. While the cask sits in bond, no duty is due. It becomes payable only if the whisky leaves the warehouse, at bottling, and by whoever bottles it.

Income tax. Bottling a cask and selling the bottles as stock is generally trading, and income tax may apply. Selling the cask in bond keeps matters simpler.

About whisky casks

Tax rules can change and how they apply depends on your personal circumstances. We are happy to walk through this with you.

UK gold

Two long-standing rules, stated plainly

When you buy

No VAT

Investment gold coins are exempt from VAT in the UK, and Sovereigns and Britannias both qualify. There is no VAT on the price you pay.

When you sell

No Capital Gains Tax

Britannias, and Sovereigns struck since 1837, are UK legal tender, so a gain when you sell them is generally outside Capital Gains Tax. Gold bars, and coins that are not UK legal tender, do not share this.

About UK gold

Tax rules can change and how they apply depends on your personal circumstances. We are happy to walk through this with you.

What the rules do not cover, and what could change

Neither rule touches Inheritance Tax: casks and coins form part of your estate like other assets. Tax rules can change and how they apply depends on your personal circumstances. If your situation is unusual, for example a large estate, residence outside the UK or business assets, speak to an accountant or a tax adviser. Nothing on this site is personal tax advice.

Talk it through

A fifteen-minute call at a time that suits you. We walk through how the rules generally apply to what you are considering; for advice on your own position, speak to an accountant.

Arrange a call Or send a message