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Capital gains tax on wine investment

Comment 9th July 2010

I propose  that wine investments become subject to the same capital gains and inheritance tax as other investments such as stock portfolios and property. HMRC has apparently dismissed this in the past as wine is considered a wasting asset. With dire stock and property market performances over recent years my investments in those have definitely become wasting assets!

The papers this week are full of news of the remarkable 2009 Bordeaux with cases selling upwards of £13,000 and many prices having doubled in the last few weeks.

Surely there should be a tax on any profitable sale of these investments? it would be easy to administer; if someone sells their investment before drinking and reaps capital gains then tax should be applicable. If they merely buy the wine to drink then they pay nothing.

My children's school is one of those that has suffered at the hands of the abolition of BSF. I  resent the fact that their education will suffer when there is a huge, additional and fair revenue source just waiting to be tapped.

Heareth endeth my rant!

 

Why does this matter?

Installing capital gains and inheritance tax on wine investment is important since it will provide a significant extra revenue stream easily and fairly and taxes those who can really afford it.

I cannot afford a bottle of chardonnay to drink let alone to lay down!

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