The Angel’s Share refers to the natural evaporation of whisky that occurs as it matures in oak casks. Each year, around 2% of the liquid evaporates into the air through the porous wood — a mix of water and alcohol. This slow, natural loss is essential to the aging process, helping the whisky develop its unique character and depth.
Because of this ongoing evaporation, whisky casks are considered wasting assets — meaning they naturally diminish in volume and value over time. As a result, they are typically not subject to Capital Gains Tax (CGT) in the UK, making them an attractive asset from a tax perspective.