22 December 2023
MacInnes 2023 Review: Christmas Update from Founder Jonathan Hook
So, Jon, I understand that you and some members of the MacInnes team recently took a trip to Scotland, are you able to tell us more about what that trip was all about?
We had a really good time, thank you. The main purpose of the trip was to visit some of our contacts up there, further our interests and forge better relationships with some of our suppliers and warehouses. We not only visited four or five warehouses, but we also had the pleasure of staying at a castle which we now have a reciprocal relationship with. Something we will lay out to MacInnes customers in due course.
We also visited Leith where we went to the Scotch Malt Whisky Society and were treated to a few very good scotch whiskies by one of our industry contacts. Finally, that evening, we went to the Port of Leith Distillery which is apparently the first vertical distillery in the world and is also next to HMS Britannia.
So, a lot crammed into a few short days but incredibly beneficial. It's also really motivated the MacInnes team, which has shown in the recent surge in sales.
It’s been a busy few months for you and the team because not only has the Norwich office moved but there’s also a new and exciting location for MacInnes. Tell us more!
That’s correct. We were very lucky to get tenure in an office we have in Mayfair, which is fantastic because we are foremost an investment business, and that location means we’re alongside all the other investment specialists in that area. With the Elizabeth line being created, now you can get from Norwich to Berkeley Square in precisely two hours and 8 minutes (at a very brisk walk between the stations!).
As mentioned, it’s all been happening. At the same time, our office in Norwich had to be relocated. It’s moved to London Street, where we now can enjoy far better vistas of historic Norwich.
There’s been an exciting rumour about a MacInnes membership approach. A Cask Owners Club? Are you able to give us more details about this and a potential launch date?
That’s a very good point! We do have a new subscription package which we’ve started to roll out this week. It involves simplifying the process of storage and insurance, but equally giving more interesting benefits with that membership. We all get a bit tired of paying an invoice here and there, and it can be a bit frustrating. With life being busier than ever nowadays, we all just want simplification.
There are three packages to choose from, Silver, Gold, and Platinum, and you can find all the information about what each includes on the website. There are some fantastic benefits included with each, for instance, those on the Platinum package might be invited to stay at the aforementioned castle, to visit a distillery and have an experience.
By paying monthly, it saves not only on hassle but also works out more affordable in the long run.
So, as we head into 2024, what would you say are your top three investment tips Jon, for someone thinking of investing in cask whisky this coming year and where can new customers find out more information about the investment?
- Just consider all asset classes when you’re looking at an investment. Don’t put your eggs in one basket. You don’t want to put all your money into one thing, be that shares, whisky, or property. Consider whisky as part of your diverse portfolio.
- The reason whisky would be a very important part of your portfolio is the benefits. It’s tax-free, which a lot of people don’t know. That's due to the wasting asset provision. Whisky loses a little bit in evaporation every year in the cask, the ‘angels share’ we call it. For this reason, there’s no capital gains tax. So, let’s say you buy a cask for £10,000 and sell it in 5 years for £25,000, no capital gains. The big thing for me is that the annual exempt amount for capital gains was £12,300 a year, for 2022-23. That’s now been halved, and that’s getting halved again! So people who thought they were only doing a few small transactions on the stock market to make a quick £10,000 profit, and that’s tax-free, well that’s now being squeezed as well! This is one of the main reasons people have begun to flock to investments such as whisky because it’s tax-free!
- Thirdly, just give it a go. You might have a bit of fun doing it. It’s not all about the money. You might find you love doing the whisky. There’s such a big romantic pull to Whisky and Scotland and the whole experience. It’s magical. And if you make some tax-free gains along the way, all the better!
To learn more, you can visit our website and request an e-brochure. There are also FAQs in there and other inserts. Alternatively, if you would prefer a hard copy then we can post one out to you and we’d be more than happy to do so.
Do you have a Christmas & New Year message to MacInnes investors and friends?I do indeed. To all MacInnes customers, supporters, and friends this year, thank you so much for your support and I wish you a merry merry Christmas. Slainte! Here’s to your next investment.
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