This is one area of investment where anyone can provide advice as it is not regulated by the Financial Conduct Authority.
was in my rules when I joined …around 2000
back to the old discussion on if it is a wasting asset and therefore not subject to CGT ?!?!
Cheers. I think I just skim-read the rules, thinking that they were all about higher-level governance-type issues, which 99% of them are.
always read the small print
can’t remember what I had for supper last night but can remember silly bits and bobs from contracts and the likes over the years…including my favourite from a clients contract “labels must always appear level” my respsone “level to what…even when the drum is on a slope - do we need self-levelling labels?”…clause removed from next draft
The CGT manual is “specifically vague”, but my reading is that the circumstances at the time of the sale would have to be considered, and a case of wine would be treated as one asset and not single chattels.
I hope when EP wine is allocated it goes to the member who is going to drink it, not the one who is going to sell it.
Agreed! But I guess the problem is knowing which member is which!
Yes that’s the case for CGT, but if someone has a pattern of buying wine then selling at
a significant profit, HMRC may argue it’s a trade then tax them on income or corporation tax basis. I don’t for a minute think they would be interested in occasional single case sales over a period of years, but if you were to do it regularly I think it might. The time honoured ‘badges of trade’ which I remember from tax exams a long long time ago still exists!