Written by Ellis Ian Fields
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Topics: Tax, wine

Tuesday, 5 October 2010

image for Glug! The Taxman's After Grandfather's Wine!
Keep a hold on the Petrus!

The taxman has warned exectors of wills to declare the value of wine cellars.

HM Revenue & Customs says that wine stored as an investment must be recorded at the estimated sale price at the time of the owner's death.

They claim that too many wine cellars are slipping though the tax net when they should be counted as part of the estate value.

But tax expert Jim "Bung-ho" Shiraz, said: "This is absolute bollocks. They're not after setting the tax straight.

"It's common knowledge that the wine cellars at several civil service departments have been seriously depleted and in these times of cuts and economic pain, they've identified a way to top them up.

"If they find you haven't declared Uncle Ferdy's cellar, they're going to nab it for themselves. Grandfather's Petrus could well find itself underneath the Defra offices!"

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