At a glance
On purchase
You will be able to see all the on purchase fees during checkout.
Storage + Storage value-added tax (VAT)
Insurance (included with storage)
Dependent on items - Duty status - paid
VAT
Duty
On exit
5% commission when selling
Dependent on items - Duty status: in bond, and when removing from warehouse for consumption
VAT
Duty
Not paying
Capital gains tax
Storage
You need to store spirits in a bonded warehouse until you sell or bottle them. During the purchase process you'll be able to store your assets in one of our warehouses—just choose how long you wish to store it.
Insurance
Insurance of the cask is included in storage costs.
Value-added tax - VAT
You pay UK VAT of 20% for a few things:
Storage
Duty paid items
In bond items when taking them out of a bonded warehouse, usually for bottling or moving elsewhere.
If you sell your in-bond assets while they are still in a bonded warehouse, you do not need to pay VAT.
Duty
Bonded warehouses are exempt from duty, so you only need to pay duty if you are taking the assets out of a bonded warehouse or if duty has already been paid for them.
You can see the Duty status on every item under Stock info.
There are two duty statuses:
Paid - Duty has been paid, so the price you see already includes VAT and duty
In bond - The item is in bond, so the price you see excludes VAT and duty. You will need to pay them when your asset leaves the warehouse.
Exit fee (commission)
We take a flat 5% commission fee only when you sell an asset. This structure helps us give you the best possible service as your success is directly tied to ours.
Capital Gains Tax
Assets on Whisky Partners are not subject to Capital Gains Tax (CGT). That said, we strongly advise you to seek independent advice that you consider to be reliable and trustworthy. If you don't know such a person, this government website might help.
Example
This is a speculative example to give you a rough idea of the fees included in the process. You can take a look at recent exits within your app dashboard.
Original cask price: £3000
Storage for 5 years: £290 + £58 VAT
After 5 years, you decide to sell the cask.
Sale price: £8000
Commission: £400
Total cost is £3348 = Original cask price + storage for 5 years + storage VAT + commission. Profit is £4652