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The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 3:42 am
by Andy Velebil
It's down to 1.29 against the USD. Just wow
The question is, how low will it go? Anyone using it to their advantage to buy stuff in the UK at the moment?
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 4:36 am
by Moses Botbol
May pick up some cigars, but that's about it. I have co-workers in UK I may lean on to bring some port with them on their next visit to Boston, but haven't had time to find port deals in UK....
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 6:14 am
by Al B.
Now might be the time for people outside the UK to invest in Wine Searcher Pro. The UK has always had good prices for VP but with the Pound slumping against other currencies there is already a 20% reduction in cost for folks outside the UK. Could this be the time for you to stock up on those '66s, '67s and '70s you've long had your eye on? Fonseca 1970 @ $132 anyone.
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 8:03 am
by Glenn E.
Yeah, now is definitely a good time to buy in bond in the UK!
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 8:44 am
by Eric Menchen
Well, from the States you then have to figure out how to get it back. But with the pound down so much, maybe it's time for a trip to London.
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 9:58 am
by Glenn E.
Eric Menchen wrote:Well, from the States you then have to figure out how to get it back. But with the pound down so much, maybe it's time for a trip to London.
Adventures in Wine. Costs about $15/bottle, plus shipping to you from California once it arrives. Works better if you buy a lot, but with the pound as low as it is buying a lot is much easier.
Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 12:13 pm
by Bradley Bogdan
If you buy in bond and then export to the US, you skip out on the unpaid VAT right? So your price in bond is your price, plus cost of import and shipping?
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Re: The heck with the Euro, lets talk about the Pound
Posted: Wed Jul 06, 2016 1:39 pm
by Moses Botbol
I could get free shipping, but at my co-workers' hassle... I guess I could drink a bottle with them upon arrival?
Re: The heck with the Euro, lets talk about the Pound
Posted: Thu Jul 07, 2016 5:35 am
by Al B.
Bradley Bogdan wrote:If you buy in bond and then export to the US, you skip out on the unpaid VAT right? So your price in bond is your price, plus cost of import and shipping?
That's correct. If you buy in bond you are buying wine which has not been "landed" and therefore has had the payment of duty and value added tax deferred until it is made available to someone in the UK to drink. If you export it from the UK before it is landed then you avoid paying any UK duties or taxes - but you would have to pay the duties and taxes that were due in the US.
You might even be able to claim back any VAT which you did pay on any wine which you buy at retail and export. This is more complex than if you buy in bond and with tougher time limits on the gap between date of purchase and date of export, but it can be done. Glenn and I did something along these lines recently when we shared a parcel of bottles of Ramos Pinto 1964 vintage port.