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Wine investors warned about IHT issues

In years gone by wine has been seen by many people as a very tax efficient and potentially lucrative investment although everything may not be as it initially seemed. A number of wine companies are alleged to have sold the idea of investing in wine using the IHT angle (inheritance tax) with indications that wine is only valued at cost price for estate purposes upon the death of the holder. However, the revenue has recently confirmed this is not the case.

A spokesperson for the Treasury was recently questioned regarding wine and inheritance tax and suggested he knew of no investment which would be valued at anything other than current market value upon the death of an individual. It would therefore seem that despite rumours to the contrary, those who have built up a significant wine investment may well be building up potentially large IHT liabilities for the future.

As with any investment it is vital you take professional advice at all stages to ensure that you are acting in line with your particular situation and you fully understand any potential tax implications in the future. If you are worried about your wine collection then it may be sensible to take advice as soon as possible to ensure that you are aware of the situation and the potential implications. This article is for information purposes only and no advcie is offered or given.

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