How will the Inland Revenue define fine wine?
Some in the wine trade for example Alan Rayne of Magnum Fine Wines think that the Inland Revenue will try to pin down a definition of fine wine to prevent unsuitable wines being put into SIPPs. Others believe that the Revenue will be content to leave it to pension fund trustees to fulfil their responsibilities. The Revenue has the power to declare unsuitable investments ineligible, after the SIPP has been set up. Now highly unlikely as wine will not be eligible for tax relief.
