By law, from the moment your cask is filled, it’s given a unique identification code. This code stays with it through every step of its lifetime. The code is recorded at the distillery, by transportation companies and recorded at the bonded warehouses.
Any mismanagement of these records can result in the offending company having its operating licence revoked, effectively shutting it down – it’s that serious.
A bonded warehouse is a tax-free storage location. Duty and tax payable on goods held there are deferred until the goods are purchased and shipped out. This is usually by a professional blender who acquires your whiskey for bottling when it’s mature.
Because of the high potential tax take from alcohol, bonded warehouses are licensed by HMRC and closely monitored by the government. They’re among the most tightly controlled locations in the country.
This is because tax on New Make has been suspended, with no VAT payable. Distilleries, bonded warehouses and brokers all fall under this tight control and we must be licensed in order to trade.
The license we operate under is The Warehouse-keepers and Owners of Warehoused Goods Regulations 1999 (WOWGR).
In March 2020, HMRC granted Whisky Investment Partners our WOWGR licence. We’re now fully authorised to buy, sell, move and store New Make duty suspended whisky. When you become one of our investor partners, you know you’re dealing with an HMRC approved company.