In a recent webinar hosted by VCL Vinters, Assistant Tax Manager, Simone Lyons, discussed the tax implications and laws with regard to whisky casks. Capital Gains Tax is a tax on the increase in value of an asset between the time it is acquired and the time it is disposed of (or deemed to be disposed of). As its name implies, this is a tax on capital gains. It, therefore, is not charged on gains that are assessed to either Income tax or Corporation tax.
Taxation of wasting chattels: A focus on whisky casks