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Wine (alt.food.wine) Devoted to the discussion of wine and wine-related topics. A place to read and comment about wines, wine and food matching, storage systems, wine paraphernalia, etc. In general, any topic related to wine is valid fodder for the group. |
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Futures and Bond
Folks,
I have finally exceeded the (limited) space I have in my racks. I've got about 100 bottles on rack in the dining room, I keep the central heating off unless we have a dinner party and the few £100ish wines (Grange, Silver Oak). I'm wanting to achieve two things, firstly temperature controlled storage. So I'm looking at doing two things I wouldn't mind some advice on... 1) Futures I'm wanting to buy some futures, I'm based in London - what's the best way to go about this? Very nebulous, I know! 2) Bond There was a question about wine under bond a few weeks ago, but I can't seem to find it on google. My understanding of this is, say I buy a case of GAM under bond. I don't pay any duty tax on the wine and it is kept in some cellar somewhere. The question I have is, when I want to get the wine, how does the tax work? Do I pay the duty based on the original price of the wine or will the new value of the wine be estimated for taxation? Is bond worthwhile or would I be better off buying it now and sending it off to profressional cellaring services? Cheers MB |
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Futures and Bond
Hi Mike,
In answer to your question: > cellar somewhere. The question I have is, when I want to get the wine, how > does the tax work? Do I pay the duty based on the original price of the wine > or will the new value of the wine be estimated for taxation? then you pay the duty and VAT applicable at the time that you remove the wine, but based on the original purchase price. So as an example I withdrew a case of CDP that cost me £120 about 2 years ago from storage with Lay and Wheeler (who I think are very reasonably priced for this service and very nice to deal with) and had to pay the £14.29 per dozen duty and then VAT on the total amount. If VAT or duty go up dramatically then I lose out from having not paid duty at the time of purchase - but that's a gamble I'm willing to take! Storing in bond is an excellent idea for the 'long stocks' provided that you have capacity to withdraw in cases and store at home for the drinking window of the case - which maybe you haven't. You can pay extra for partial withrawal I think but that does somewhat undermine the economics of the situation. As you are in London I believe that there are companies that allow you to rent a 'space' and this is like an extension of your cellar, but I guess that you'd need to keep the wine duty paid in that case - but if you do that then at least you don't have any further costs to worry about other than cellarage. And is it worthwhile..well, ultimately that can only be up to you! To have good wine for the future is it worth £8 per case per year? I think so! Johnners. |
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Futures and Bond
> Storing in bond is an excellent idea for the 'long stocks' provided that
you > have capacity to withdraw in cases and store at home for the drinking window > of the case - which maybe you haven't. Always try to store yourself, you have the wine in your hands. If storage is a problem, then cellar with a reputable company, and get an invoice of *ownership*. I have just lost my cellar ( house move), so I have your problem, have bought 2002 Burgundies thro, Wine Society and Tanners and will pay cellarage. Be very careful about fly by night companies, H*******d, springs to mind. JT |
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Futures and Bond
I would agree that if you can store it yourself that is better. I have
bought a wine cabinet at home which is great but..guess what! it is nearly full already! I was considering one of the fully costructed cellars from l'Amour du Vin and to some extent it might have been a better value bet in the long run. Hey ho! There are no guarantees in bought storage but I am comforted by L&W being a member of the Bunch, which has a good code of practice. I am also glad to hear that someone else has bought some Wine Society red burgundy! "John Taverner" > wrote in message ... > > Always try to store yourself, you have the wine in your hands. > If storage is a problem, then cellar with a reputable company, and get an > invoice of *ownership*. |
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