Acceptance
By using this site or by opening an account with Oak & Mason Ltd ("Oak & Mason", "we", "us"), you agree to these terms. If you do not agree, please do not use the site or open an account.
What we sell
We sell two kinds of physical asset to customers in the UK:
- Whisky casks. A wooden barrel of new-make Scotch spirit, registered in your name and held in an HMRC-bonded warehouse in Scotland.
- UK gold coins. Royal Mint Sovereigns and Britannias, allocated in your name in an LBMA-approved London vault, or delivered to you by insured signed-for courier.
We do not sell financial products. We do not sell shares, funds, derivatives, futures, ETFs or anything regulated as a financial instrument. We sell physical things you own, which is why we are not regulated by the Financial Conduct Authority.
Who can use this
Our services are for adults aged 18 or over who are resident in the United Kingdom. You will need to provide identification (passport or driving licence), proof of address, and evidence of source of funds. This is not optional: it is required by anti-money-laundering rules (MLR 2017).
Opening an account
You can apply for an account by submitting our online form. We will review the application and run the required checks within five working days. If we cannot verify your identity, address, or source of funds, we will explain why and either ask for more information or decline the application. We may decline an application without giving a reason where required by law.
Pricing and fees
Every fee is shown in writing before you commit. There are three categories:
- The asset price. The price of the cask or the coins, including our spread (the margin between what we pay and what you pay). The spread is shown before purchase.
- Storage and insurance. The first twelve months are on us. After that, a flat annual fee shown up front. Typical ranges: £40 to £80 per cask per year, £30 to £60 per gold-vault account per year, both including insurance.
- Selling fee. A small dealing fee on sale, also shown up front.
We do not charge "administration" fees. We do not charge percentages-of-value. We do not change fees mid-term.
Payment
Payment is by bank transfer in pounds sterling. We do not accept card payments for asset purchases. We confirm receipt of cleared funds within one working day, and your name is registered on the warehouse paperwork or vault inventory before the funds settle.
Storage and insurance
Whisky casks are held in HMRC-bonded warehouses in Scotland by independent warehouse operators. The cask is registered in your name on a Delivery Order issued by the warehouse, not by us. Insurance is included for the storage period.
Gold coins are held in an LBMA-approved London vault by an independent vault operator. The coins are allocated to you specifically (your name on the bag and on the vault inventory). Insurance is included while in vault.
If you take delivery of gold, the courier insurance covers the goods until the moment of signed delivery. After that, the goods are at your risk and we recommend you arrange your own home contents cover.
Selling and buyback
When you decide to sell, you can ask us for a buyback offer (we will quote you a fair market price), or we can introduce you to private buyers and independent bottlers (whisky) or other dealers (gold). For gold, we buy back at the live LBMA spot price, less a small dealer spread, and money typically reaches your account within three to five working days.
We do not guarantee a sale price. The market moves and we quote against it.
Tax
UK tax treatment of whisky casks (typically a "wasting asset" exempt from CGT) and Royal Mint coins (legal tender, exempt from CGT and VAT) is described elsewhere on this site. Tax rules can change and how they apply depends on your personal circumstances. Nothing on this site is personal tax advice. If your situation is unusual, talk to your accountant.
Regulation
Oak & Mason sells physical assets and is not authorised or regulated by the Financial Conduct Authority. Whisky casks and physical gold coins fall outside the FCA’s remit because they are not financial instruments.
Liability and disclaimers
Asset values can go down as well as up. Past values are not a guide to future values. We do not promise a return on any asset.
We are responsible for the services we deliver. We are not responsible for losses caused by events outside our control (force majeure), for losses you would not normally expect from this kind of service, or for losses arising from incorrect information you provided to us.
We do not exclude or limit liability for: death or personal injury caused by our negligence; fraud or fraudulent misrepresentation; or anything else that cannot be excluded under English law.
Our total liability for any claim under these terms is limited to the value of the asset you bought through us, except where the law requires otherwise.
Privacy
Your personal data is handled under our Privacy Policy. By using the site or opening an account, you accept that policy.
Changes
We may update these terms from time to time. The "last updated" date at the top will reflect any change. If you have an active account and the change is material, we will notify you by email at least 30 days before the change takes effect.
Governing law and disputes
These terms are governed by the laws of England and Wales and any dispute is subject to the exclusive jurisdiction of the courts of England and Wales. We will always try to resolve a dispute by talking first; if that fails, you have the right to use an alternative dispute resolution service before going to court.
Contact
For anything related to these terms: legal@oakandmason.co.uk. For anything else: our contact page.