This is a thematic page. It carries no Market Snapshot ratings; the route named on each sector page remains the record. Nothing on it is tax or legal advice. The UK is the reference regime because the market briefs are written from London; the US, Germany, France, Switzerland and the trading hubs are read against it in Section IV.
IForm before tax
Tax law does not know what a scarce asset is. It knows a chattel (tangible movable property), a wasting asset (a chattel with a predictable life under fifty years), legal tender, a security, trading stock, livestock and land, and it taxes each differently. A UK holder who sells a vintage Patek Philippe at a gain pays no capital gains tax, because a watch is machinery and machinery is a wasting asset; the same holder selling a bottle of 1960s Macallan at the same gain pays it, because spirits do not deteriorate and the bottle is a non-wasting chattel. 1 2 A US holder pays a maximum federal rate of 28% on either, because both are "collectibles", and pays the same on a gold ETF, because the trust that holds the metal is looked through to the metal. 3 4
The wrapper changes the form. A case of wine in a bonded warehouse is a chattel on which duty and VAT have not yet been charged; the same case at home has paid both and can no longer be sold into the professional market. 20 A stallion share is a contractual interest in a co-owned animal; a Masterworks share is a security issued by a Delaware LLC; a unit in the Sprott uranium trust is an interest in a Canadian trust that a US holder must elect to treat as a qualified electing fund or face punitive rules. 21 22 5 The Access page asked what each wrapper owns; this page asks what the law calls it and what that costs on exit.
Three findings run through the register. First, the physical assets with the strongest liquidity on the sector pages, bullion and wine, are also the ones with the most generous reliefs in the UK, and the reliefs are old: legal-tender coins, investment-gold VAT exemption, the wasting-asset rule and the bond. Second, the assets this site rates hardest to exit are mostly held in forms the tax law treats as trading stock or a farm, where income tax rather than capital gains tax applies and the question is a business one. Third, the hubs the Sanctions page found the trade moving to, Dubai, Hong Kong, Singapore and Geneva, are hubs partly because they tax none of this.
IISeven legal forms
What a holding in these markets can be in law. The forms are this page's grouping; the UK treatment is given as the reference, the US alongside where it diverges.
| Form | What the holder has | UK treatment on exit | US and elsewhere |
|---|---|---|---|
| Non-wasting chattel | Title to a tangible movable with a life over fifty years: a painting, a stone, a coin, a bottle of spirits, a handbag, a guitar, a stamp, a book | Capital gains tax at 18% or 24%; exempt if sold for £6,000 or less, with marginal relief above; losses on cheap chattels restricted; sets of items aggregated 1 | "Collectibles" at a maximum 28% federal long-term rate plus 3.8% net investment income tax; no like-kind exchange for art since 2018. Germany: tax-free after one year. France: 6.5% flat on sale price or the gains regime 3 6 7 |
| Wasting chattel | Title to a tangible movable with a predictable life under fifty years, including all machinery: cars, clocks and watches, most wine, racehorses, livestock | Exempt from capital gains tax entirely, unless used in a business with capital allowances claimed; losses equally unrelievable 2 8 | No equivalent: a car or watch is a collectible at 28%; a racehorse held for business is depreciable over three years and taxed as ordinary income on recapture 3 9 |
| Legal tender | Sterling coins: sovereigns from 1837 and Britannias | Exempt from capital gains tax as currency; investment gold is VAT-exempt, silver and platinum coins are not 10 11 | Coins are collectibles at 28%; American Eagles qualify for IRAs, most other coins do not 3 |
| Duty-suspended goods | Wine, spirits or cigars in an approved bonded warehouse: title to the goods, with excise duty and import VAT not yet charged | No duty or VAT while in bond and on sale to another bonded account; both charged at the full rate on removal. Casks: HMRC does not accept that whisky in cask is automatically a wasting asset 20 12 | Customs bonded warehouses exist but the UK and Hong Kong bond systems carry the trade; Hong Kong abolished wine duty in 2008 23 |
| Security | A unit, share or note issued by a vehicle: ETF or ETC, closed-end trust, listed producer, Reg A share, series LLC interest, token where regulated as a security | Capital gains tax at share rates; offshore funds need UK reporting-fund status or gains are taxed as income; ETCs are debt securities 13 | Physically backed metal ETFs are grantor trusts taxed as collectibles; futures funds under Section 1256 at 60/40; foreign trusts are PFICs without an election 4 5 14 |
| Co-ownership interest | A contractual share in one thing run by a manager: a stallion share, a racing syndicate, a wine fund's side pocket | A share of a wasting chattel for a hobby owner; income from nominations or prize money taxable or not depending on whether a trade exists; syndicates fall outside collective-investment rules on conditions 24 15 | Partnership for tax; hobby-loss rules deny deductions unless the activity is run for profit; stallions depreciable 9 |
| Trading stock, livestock or land | The asset held by a business: wheels, drums of honey, a herd, an orchard, a grove, a farm, a quota | Income tax or corporation tax on the trade; farmland and herds carry agricultural and business property reliefs from inheritance tax, restricted from April 2026 above £1m 16 | Ordinary income; Section 1231 for breeding and farm assets held over a year or two; the farm, not the asset, is the taxpayer |
IIIThe register, market by market
The legal form of the holding each sector page names as its route, the UK tax point on exit, and the US rate. "Chattel" means the £6,000 rule applies; "wasting" means exempt. Each row links to its page.
| Market | Holding is, in law | UK exit | US exit and notes |
|---|---|---|---|
| Gold | Allocated bars: chattel. Sovereigns, Britannias: legal tender. ETF: security | Bars CGT; coins exempt; investment gold VAT-exempt; ETF CGT | 28% on bars, coins and physically backed ETFs alike; tokens taxed as the metal where redeemable |
| Silver | Bars: chattel. Britannias: legal tender. ETF: security | Bars CGT and 20% VAT on purchase; coins CGT-exempt but VAT-able | 28%; the VAT gap is why UK retail silver sits in Guernsey or bond |
| Platinum group metals | Bars and sponge: chattel. ETF: security | CGT; 20% VAT on physical; Britannia platinum coins CGT-exempt | 28% on physical and physically backed ETFs |
| Copper | Futures: derivative contract. ETF: security. Cathode: warranted chattel | CGT on futures for a non-trader; ETCs as debt securities | Section 1256, 60% long and 40% short regardless of holding period |
| Oil & Gas | Futures; futures-based fund; producer equity | CGT; a US-listed commodity fund without reporting status is taxed as income | Section 1256 on futures; commodity pools issue K-1s; MLPs and royalties as income |
| Uranium | Trust unit (Canadian closed-end trust); Jersey plc; physical only under licence | CGT on units; reporting-fund status to check | PFIC: a QEF election is offered by the trust; without it, gains taxed as ordinary income with an interest charge 5 |
| Cocoa | Futures; ETC | CGT on futures and ETCs | Section 1256; physical beans are trading stock of a licensed warehouse account |
| Coffee | Futures; ETC | CGT | Section 1256; specialty lots are an exporter's trading stock |
| Rare Earths | Equity; small dealer lots are chattels | CGT at share rates | Capital gains at share rates; export controls, not tax, are the constraint (see Sanctions) |
| Fine Wine | Cases in bond: duty-suspended chattel, generally wasting | CGT-exempt as a wasting asset in the ordinary case; HMRC reserves wines that will keep beyond fifty years; duty and VAT on removal from bond 2 20 | 28% as a collectible ("alcoholic beverages" are listed); state excise on import. Hong Kong: no duty since 2008 |
| Champagne | Bottles in bond: as for wine | Wasting in the ordinary case; duty on removal | 28% |
| Port | Bottles in bond: chattel | HMRC's own example of a wine that may exceed fifty years: chattel rules, not the wasting exemption, for vintage port 2 | 28% |
| Scotch Whisky | Duty-paid bottles: non-wasting chattel | CGT above £6,000 a bottle or set; auction houses charge VAT on commission, not on hammer, for private sellers 1 25 | 28%; three-tier distribution law restricts private resale in most states |
| Rare Whisky Casks | Cask in an excise warehouse: duty-suspended chattel; title evidenced by the warehouse's records | The cask firms sold the wasting-asset exemption as a feature; HMRC's position is that it is a question of fact and not to be assumed. Bottling triggers duty at the full rate 12 26 | 28% as alcoholic beverage; no US bond route for a retail holder |
| Japanese Whisky | Bottles: non-wasting chattel | As for Scotch | 28%; Japanese liquor tax is paid at release, so a bottle carries it already |
| Cigars | Boxes, duty-paid or in bond: chattel; the Allied fund stake is a sanctioned security | CGT above £6,000; tobacco duty and 20% VAT on import; the house's cost of carry is the duty | Cuban cigars cannot lawfully be bought or sold (see Sanctions) |
| Pu-erh Tea | Cakes: chattel | CGT above £6,000; tea is zero-rated for VAT as food | 28% if a collectible; China: 13% VAT in the trade, none on a private sale |
| Tea | Equity in plantation and beverage groups | CGT at share rates | Share rates; Japanese withholding on dividends |
| Parmigiano Reggiano | Trading stock of a dairy or ageing house; a bank's pledge over wheels | Not a private holding; income tax on the trade | —; Italy: corporate tax; the Credem pledge is a pegno on specified wheels |
| Olive Oil | A grove: land. Deoleo: equity | Agricultural property relief for UK farmland, restricted from April 2026 16 | Spain: rural land under regional transfer tax and plusvalía; Deoleo at share rates |
| Saffron | Trading stock | Income tax; no private holding form exists | —; Iran: sanctions bar US persons entirely |
| Vanilla | Trading stock; flavour-house equity | Income tax on stock; CGT on shares | Share rates |
| Frankincense | Trading stock | Income tax | — |
| Oud | Wood and oil: chattel, or trading stock; CITES Appendix II permits on export | CGT above £6,000 for a private holder; CITES paperwork is the binding constraint | 28% where a collectible; Gulf: no personal tax |
| Manuka Honey | Comvita equity; drums are trading stock | CGT at share rates | Share rates; New Zealand has no general capital gains tax |
| Maple Syrup | A sugar bush with Federation quota: land and a licence | — | Canada: 50% of a capital gain taxable; the quota is an eligible capital property of the farm; lifetime farm exemption |
| Dates | Farm: land | — | Saudi Arabia: no personal income tax; zakat on Saudi-owned business; foreign ownership of farmland restricted |
| Truffles | Orchard: land; the truffle is trading stock | Agricultural property relief on the land; income on the crop | Farm assets; France: cash sales of wild truffles at markets largely sit outside the recorded economy Low |
| Caviar | A farm company; fish are livestock; the tin is trading stock under CITES labelling | Share rates on a company sale; income on product | Share rates; CITES Appendix II permits and the universal labelling system on every tin |
| Bluefin Tuna | Seafood-group equity; a ranching licence with ICCAT quota | CGT at share rates | Share rates; quota is a licence of the flag state, not property |
| Wagyu | Animals: livestock, wasting; listed producers: equity | A hobby animal is a wasting chattel; a herd is trading stock under the herd basis 8 | Breeding cattle held two years are Section 1231; Japan: export of live animals and genetics is prohibited |
| Racehorses | Animal in training: wasting chattel; syndicate share: co-ownership | CGT-exempt; prize money tax-free for an owner not trading; registered owners reclaim VAT under the Racehorse Owners' scheme 2 17 | Three-year depreciation for horses placed in service; hobby-loss rules; sale after 24 months as Section 1231 9 |
| Breeding Stallions | One of forty shares under a syndicate agreement; a nomination is a one-season contract | Stallion income is trading income where the holder breeds commercially; the share itself follows the animal as a wasting asset 24 | Depreciable; nomination fees ordinary income; Kentucky sales-tax exemption on stud fees and on horses sold for breeding |
| Falcons | Living animal under CITES Appendix I or II; a ringed, permitted bird | Wasting chattel; CITES Article 10 certificate to sell within the EU and UK 27 | Saudi Arabia and UAE: no personal tax; the permit, not the tax, is the wrapper |
| Rough Diamonds | Trading stock of a sightholder; Kimberley Process certificate per parcel | Income tax on the trade; 20% VAT, reverse-charged between registered dealers | —; Botswana and Namibia: royalty and export levy; Dubai: 5% VAT reverse-charged in the trade |
| Polished Diamonds | Stone: chattel; Diamond Standard coin: a regulated commodity in the US | CGT above £6,000; 20% VAT on retail purchase, which the resale does not recover 1 | 28%; loose polished enters duty-free, set jewellery does not; India: 1% TCS on purchases over ₹10 lakh |
| Lab-Grown Diamonds | Stone: chattel | A loss on a chattel bought and sold under £6,000 is not allowable; above that, allowable against chattel gains only 1 | A collectible loss is a capital loss; the depreciation is the holding (see Substitutes) |
| Coloured Gemstones | Stone: chattel; Gemfields: equity | CGT above £6,000; 20% VAT on purchase | 28%; Mozambique, Zambia: export royalties; Thailand and Sri Lanka: import of rough duty-free for cutting |
| Pearls | Strand: chattel; Atlas Pearls: equity | CGT above £6,000 | 28% |
| Jade | Jewellery: chattel | CGT above £6,000 | 28%; Myanmar-origin jadeite under US sanctions (see Sanctions); Hong Kong: no CGT, no VAT |
| Signed Jewellery | Piece: chattel; a watch set in it does not make it machinery | CGT above £6,000; dealers sell under the VAT margin scheme, so no VAT is shown on the price | 28%; Switzerland: no capital gains tax on private movables, which is one reason Geneva sells jewels 18 |
| Watches | Machinery: wasting chattel | CGT-exempt, including antique and vintage pieces; HMRC names clocks and watches expressly 2 | 28%; import duty by movement and case; Switzerland: none for a private seller |
| Handbags | Non-wasting chattel | CGT above £6,000 on a Birkin sold at a gain; the house's retail VAT is sunk | 28%; US customs duty on leather goods up to 10%, plus the 2025 tariff round on EU goods (see Sanctions) |
| Coins | Sterling legal tender: currency. Other coins: chattel | Sovereigns and Britannias CGT-exempt whatever the numismatic premium; a 1933 double eagle is a chattel; investment gold coins VAT-exempt 10 11 | 28% on all; dealer sales over $10,000 cash reported on Form 8300 |
| Stamps | Chattel; the Stanley Gibbons share scheme a contractual fractional interest | CGT above £6,000; a collection may be a set; dealers under the margin scheme | 28% |
| Rare Books | Chattel | CGT above £6,000; printed books zero-rated for VAT, antiquarian included; manuscripts standard-rated under the margin scheme 19 | 28% |
| Vintage Guitars & Instruments | Non-wasting chattel: an instrument is not machinery | CGT above £6,000; a professional player's instrument used in the trade is treated differently | 28%; CITES on rosewood and ivory parts for cross-border sale (musical-instrument certificates) |
| Art | Work: chattel. Masterworks: a Reg A Tier 2 security in a Delaware LLC. Fund: offshore units | CGT above £6,000; 5% import VAT; artist's resale right 4% of the first €50,000 on dealer and auction resales, capped at €12,500; conditional exemption and acceptance in lieu for pre-eminent works 28 29 | 28%; no like-kind exchange since 2018; a Masterworks share is a security at ordinary capital-gains rates, not a collectible Med 6 21 |
| Old Masters | Chattel; often a conditionally exempt heritage asset or subject to an export licence deferral | CGT above £6,000; a conditionally exempt work pays the deferred inheritance tax on sale; export licence may be deferred under the Waverley criteria 29 30 | 28%; Italy and France: export licences and the state's pre-emption right at the auction price |
| Classic Cars | Machinery: wasting chattel | CGT-exempt; vehicles over forty years old exempt from vehicle excise duty and MOT; 5% import VAT for collectors' vehicles meeting the historic test 2 31 | 28%; 2.5% duty on cars over 25 years old, exempt from safety and emissions rules at that age |
| Fossils & Meteorites | Chattel; title depends on the land it was found on and the state's export law | CGT above £6,000 | 28%; a specimen from US federal land cannot be privately owned; Mongolia, China, Brazil and Argentina bar export, so a title can be void at the border |
Fifty-one rows, one per market brief. UK rates and reliefs are taken from HMRC's published manuals and guidance at the snapshot date and stated in general terms; the US "28%" is the maximum federal long-term rate on collectibles, before state tax and the 3.8% net investment income tax. Rows marked — have no private holding form that a UK or US taxpayer would ordinarily hold. Where a sector page is updated, it governs.
IVFour regimes compared
The same chattel, a painting or a watch or a bar, sold at a gain by a private resident of each place. Hubs last.
| Regime | Rule for a private holder | Figure | Confidence | Source |
|---|---|---|---|---|
| United Kingdom | Capital gains tax on chattels over £6,000; wasting chattels exempt; sterling coins exempt | 18% / 24%; £3,000 annual exempt amountReported | High | 1 2 |
| United States | Collectibles held over a year taxed at a capped rate above ordinary long-term rates; physically backed metal ETFs included | 28% maximum, plus 3.8% NIITReported | High | 3 4 |
| Germany | Private sale of movable property tax-free after a one-year holding period; within a year, taxed as income above €1,000 a year | 0% after 12 monthsReported | High | 7 |
| France | Flat tax on the sale price of precious metals, or of art and collectibles over €5,000; or elect the gains regime with 5% a year abatement after two years, exempt after 22 | 11.5% metals; 6.5% art and collectiblesReported | High | 6 |
| Switzerland | No capital gains tax on private movable property; wealth tax on the holding annually by canton | 0% on sale; 0.1–1% a year on valueReported | Med | 18 |
| Hong Kong | No capital gains tax, no VAT, no duty on wine since 2008 | 0%Reported | High | 23 |
| Singapore | No capital gains tax; GST suspended inside the Le Freeport zone | 0%; 9% GST outsideReported | Med | 32 |
| UAE | No personal income or capital gains tax; 5% VAT, reverse-charged between registered dealers in gold and diamonds | 0% personalReported | Med | 33 |
The hubs are not tax havens for scarce assets by accident. Hong Kong's wine duty went to zero in 2008 and the city became the auction centre for Asia within three years; Geneva's freeport holds more art than any museum because a work can be bought, stored and sold inside it without crossing a tax point; Dubai's reverse charge is what lets rough move through the DMCC without 5% leaking at each hand. The Sanctions page found the trade moving to the hubs when origin is restricted; this page finds the same movement when the home regime taxes the exit. Hyp 23 32 33
VThree cases
Where the legal form, not the asset, decided what the holder kept.
Fifty years is the line
HMRC's manual exempts any chattel with a predictable useful life under fifty years and deems all machinery wasting, naming clocks, watches and motor cars. A Ferrari sold at Monterey or a Nautilus sold on Chrono24 by a UK resident carries no capital gains tax, however large the gain. A bottle of Macallan or a case of vintage port is a non-wasting chattel and taxed above £6,000. The cask firms of 2019–25 marketed casks as wasting assets; HMRC's published position is that it depends on the facts and is not to be assumed, and the administrators of the three insolvent firms inherited the question. 2 12 26
Watch: any HMRC ruling or tribunal case on cask whisky and the wasting-asset rule
A share taxed as a bar
The largest physically backed gold ETFs are grantor trusts; the US holder is treated as owning a share of the metal, so a long-term gain is a collectibles gain at up to 28%, not the 20% that applies to a share. The fund's prospectus says so. A futures-based commodity fund is taxed instead under Section 1256 at 60% long and 40% short, whatever the holding period, and issues a K-1. Two gold exposures, two rates, and the difference is the wrapper's legal form, not the metal. 4 14
Watch: proposals to reclassify physically backed ETFs out of the collectibles rate, raised and dropped in several Congresses
The tax point is a door, and the trade stays inside
Wine in a UK bonded warehouse has paid neither duty nor VAT; it trades between bonded accounts on Liv-ex without either, and the sector page records that wine which leaves bond "loses verifiable provenance and resells at a discount". The same logic built the freeports: Geneva's is estimated to hold over a million works, and Singapore's Le Freeport opened in 2010 to the same design. The holder who never takes delivery never crosses the tax point; the holder who does pays it and cannot easily come back. Low on the Geneva figure. 20 32 34
Watch: EU anti-money-laundering rules extending customer-due-diligence to freeport operators and art dealers above €10,000
VIThree patterns in the record
The rate follows the noun
Across the register the asset's economics barely move the tax; its legal category does. A UK watch and a UK handbag are both luxury goods resold through the same houses; one is exempt and the other is not. A US gold bar and a US gold ETF are both 28%; a US gold-miner share is 20%. The holder's first question is which noun the law uses, and the sector pages' Instruments blocks are where the answer starts.
Watch: HMRC manual updates to the wasting-asset list; US Treasury guidance on tokenised metals
Where the trade is deep, the tax is deferred
Bond, freeport, reverse charge and the professional exchange are all the same device: the state agrees not to collect at each hand so long as the goods stay in the system. The markets this site rates most liquid among physical assets, bullion, wine, whisky in bond, Antwerp and Dubai rough, run inside such systems. The markets without one, saffron, oud, cigars, fossils, pay the tax on each crossing and the sector pages record the thinness.
Watch: the UK's April 2026 restriction of agricultural and business property relief, which touches groves, orchards, herds and studs
Germany's year, Switzerland's nothing, the hubs' nothing
A German resident who holds any chattel for twelve months sells it free of tax; a Swiss resident always does; a Hong Kong, Singapore or Dubai resident does too. The UK reliefs are narrower and older and the US has none. The wrappers that cross borders, Reg A shares, Canadian trusts, Jersey plcs, offshore wine funds, add a second regime to the first and a set of elections (QEF, reporting fund) that a retail holder rarely makes.
Watch: the UK's replacement of the non-dom regime from April 2025 and its effect on London as a place to hold chattels
VIIIndicators to monitor
- HMRC guidance or a First-tier Tribunal decision on whether maturing whisky in cask is a wasting asset; the insolvency reports of the 2025 cask firms 12 26.
- The UK's April 2026 cap on 100% agricultural and business property relief at £1m, and the effect on studs, groves and herds that the register lists as land or livestock 16.
- Any change to the US collectibles rate or to the grantor-trust treatment of physically backed metal and uranium vehicles 3 4.
- EU anti-money-laundering rules applied to freeport operators and art dealers, and whether volume moves between Geneva, Singapore and Delaware 34.
- France's flat-tax rates on precious metals and collectibles, which have moved in successive finance laws 6.
- Whether the SEC or Treasury classifies tokenised gold and diamond vehicles as securities, commodities or the underlying collectible for tax 35.
VIIISources
- HMRC, "Capital Gains Tax on personal possessions" and Capital Gains Manual CG76550 onwards (chattels, the £6,000 limit, sets) — accessed 29 Oct 2026
- HMRC, Capital Gains Manual CG76700–CG76906, "Wasting assets" (machinery including clocks, watches and motor cars; wine and port) — accessed 29 Oct 2026
- Internal Revenue Service, "Topic 409, Capital gains and losses" and IRC §408(m) (definition of collectibles; 28% rate) — accessed 29 Oct 2026
- SPDR Gold Trust, prospectus, "United States federal tax consequences" (grantor trust; collectibles rate for individuals) — accessed 29 Oct 2026
- Sprott Physical Uranium Trust, "Tax information for US holders" (PFIC statements; QEF election) — accessed 29 Oct 2026
- Direction générale des Finances publiques, "Taxe forfaitaire sur les métaux précieux, bijoux, objets d'art, de collection et d'antiquité" — accessed 29 Oct 2026; US like-kind exchange limited to real property by the Tax Cuts and Jobs Act 2017, IRC §1031(a)(1)
- Einkommensteuergesetz §23 (private Veräußerungsgeschäfte: one-year holding period for movable property) — accessed 29 Oct 2026
- HMRC, Business Income Manual BIM55500 onwards, "Farming: herd basis" — accessed 29 Oct 2026
- Internal Revenue Service, Publication 225, "Farmer's Tax Guide" (depreciation of horses; §1231 livestock; hobby-loss rules under §183) — accessed 29 Oct 2026
- HMRC, Capital Gains Manual CG78308, "Currency: sovereigns and Britannias" — accessed 29 Oct 2026
- HMRC, VAT Notice 701/21, "Gold acquisitions, imports and investments" (investment gold exemption) — accessed 29 Oct 2026
- HMRC, Capital Gains Manual CG76906 and HMRC statements reported in the trade press, 2023–25, on whisky in cask and the wasting-asset rule (secondary) — accessed 29 Oct 2026 Med
- HMRC, "Offshore funds: list of reporting funds" and Offshore Funds Manual — accessed 29 Oct 2026
- IRC §1256 (60/40 treatment of regulated futures contracts) and a representative commodity-pool prospectus — accessed 29 Oct 2026
- Financial Conduct Authority, PERG 9 and the British Horseracing Authority's Syndicate Code of Conduct (racing syndicates and collective-investment status) — accessed 29 Oct 2026
- HM Treasury, Autumn Budget 2024, "Reforms to agricultural property relief and business property relief" (100% relief capped at £1m from 6 April 2026) — accessed 29 Oct 2026
- HMRC, VAT Notice 700/67, "Registration scheme for racehorse owners" — accessed 29 Oct 2026
- Swiss Federal Tax Administration, overview of taxation of private capital gains and cantonal wealth tax (secondary summaries) — accessed 29 Oct 2026 Med
- HMRC, VAT Notice 701/10, "Zero rating books and printed matter" and VAT Notice 718, the margin scheme — accessed 29 Oct 2026
- ΣΟΦΙΑ, Fine Wine, Champagne and Port, market briefs, Exit depth and Cost, snapshot Oct 2026
- Masterworks, Form 1-A offering circulars filed with the SEC (Delaware LLC series; Regulation A Tier 2) — accessed 29 Oct 2026
- ΣΟΦΙΑ, Breeding Stallions, market brief, Instruments and Exit depth, snapshot 20 Oct 2026
- Hong Kong Government, Budget 2008–09, abolition of duty on wine and beer; Hong Kong Customs and Excise, dutiable commodities — accessed 29 Oct 2026
- HMRC, Business Income Manual BIM55701 onwards, "Stud farms and stallion syndicates" — accessed 29 Oct 2026
- ΣΟΦΙΑ, Scotch Whisky, market brief, Cost, snapshot Oct 2026
- ΣΟΦΙΑ, Rare Whisky Casks, market brief, key figures and Holding horizon, snapshot 20 Oct 2026
- ΣΟΦΙΑ, Falcons, market brief, Provenance, snapshot Oct 2026
- UK Intellectual Property Office, "Artist's Resale Right" (4% band; €12,500 cap) — accessed 29 Oct 2026
- HMRC, "Tax relief for national heritage assets" (conditional exemption; acceptance in lieu) — accessed 29 Oct 2026
- Arts Council England, "Export licensing for cultural goods" (Waverley criteria) — accessed 29 Oct 2026
- HMRC, VAT Notice 702, importing collectors' items; DVLA, historic vehicle tax class (forty-year rolling exemption) — accessed 29 Oct 2026
- Le Freeport Singapore and Inland Revenue Authority of Singapore, GST suspension in free trade zones (secondary) — accessed 29 Oct 2026 Med
- UAE Federal Tax Authority, Cabinet Decision on the reverse charge mechanism for gold and diamonds between registered dealers (2018, extended 2025) — accessed 29 Oct 2026 Med
- Reported estimates of holdings at the Geneva Freeport (1.2 m works) and the EU's 2024 anti-money-laundering regulation extending obliged-entity status to art dealers and freeport operators (secondary) — accessed 29 Oct 2026 Low on the holdings figure
- ΣΟΦΙΑ, "Tokenising scarce assets", Sections II and IV
Rows in the register (Section III) not separately numbered here state the general rule from sources 1–3 applied to the holding form named on the linked market brief; each brief carries its own numbered sources. Nothing on this page is tax or legal advice.