Frequently Asked Questions
Before you can purchase a cask from us you must complete our automated KYC (Know Your Customer) verification. This is a legal requirement under UK Anti-Money Laundering (AML) regulations and is standard practice across legitimate investment platforms.
KYC protects you in several important ways. First, it confirms your identity so that the cask ownership records held at the Warehouse are legally tied to you as a verified individual. This means your asset is protected even in the unlikely event of An Gael ceasing to trade - the Warehouse holds independent proof that the cask belongs to you, not to us.
Second, KYC ensures that we only transact with legitimate buyers, which protects the integrity of the market and the value of every cask owner's investment. It demonstrates that An Gael operates as a diligent, professional, and fully law-abiding company that takes its regulatory obligations seriously.
The process is quick, secure and submission is automated. You will be asked to upload a valid form of photo identification and proof of address. One of our staff will check your documents personally and approve your account once the check has been completed.
While your cask remains in bond (i.e. stored in the bonded warehouse) no VAT or duty is payable. These charges only become due at the point of bottling, when the spirit leaves the bonded warehouse.
At that stage, UK VAT (currently 20%) is applied to the bottling and related services. Excise duty is also payable and is calculated based on the alcohol volume in each bottle, in accordance with HMRC rates at the time of bottling. We will advise you on the exact costs before any bottling takes place so there are no surprises.
This means that during your entire holding period your investment sits in bond with no tax liabilities - one of the key advantages of cask ownership.
In the United Kingdom, whiskey held in cask is classified by HMRC as a "wasting asset" - that is, an asset with a predictable useful life of 50 years or less. Under current UK tax law, wasting assets are exempt from Capital Gains Tax (CGT). This means that any profit you make when you sell or exit your cask is not subject to CGT.
This is one of the most attractive features of cask whiskey as an alternative investment. Unlike shares, property, or other appreciating assets, gains on the disposal of a wasting asset are not reportable to HMRC for CGT purposes under current legislation.
If you are resident outside the United Kingdom, the tax treatment of your cask investment will depend on your personal circumstances and the tax laws of the country where you are a tax resident. We strongly recommend that you consult a qualified tax adviser in your jurisdiction before making any investment decisions. An Gael does not provide tax advice.