Tax advice of the week: Give your wife your wine

There has never been an inheritance tax break on fine wine. But there is a 'wasting asset' rule that all fine wine owners should know about.

Contrary to some press reports, "there isn't and never has been" an inheritance tax (IHT) break on fine wines, says Tax Tips & Advice.

"For tax purposes, the value of any investment, including one in wine, will be the amount you could get if it were sold on the open market." Since cashing your investment in now could make you eligible for capital gains tax (CGT), consider carefully before you act.

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