Dad decides to retire early after his Scotch whisky collection nets him a £225,000 windfall.
A cask of single malt Macallan and a cask of Tobermory were purchased by Mr Parfitt in 1994, despite the fact that he was not an expert in whiskey. He received a 4,700 percent return on his investment despite not being an expert.
It has been over 30 years since a father invested £4,700 on two barrels of Scotch whiskey, and he has now sold them both for an eye-watering £225,000.
A 59-year-old Coventry-based bank manager named Roger Parfitt plans to use the money to pay off his mortgage and retire three years sooner than he had previously anticipated.
Despite the fact that he was not an expert in whiskey, Mr Parfitt invested £3,200 on a cask of single malt Macallan and another £1,500 on a cask of Tobermory back in 1994, hoping that they would be worth more in the future. He was right.
Mr Parfitt’s good fortune eventually paid off, and the life-changing transaction resulted in a 4,700 percent return on his investment and a profit of £220,300.
Due to the fact that whiskey barrels are classified by HMRC as a “wasting asset” and so do not attract capital gains tax, the money he has gained is likewise completely tax-free.
In the event that the stock does not rise in value, Mr. Parfitt recalls thinking, “The worst that could happen is that you would have to get the stock out of the warehouse, bottle it, and drink it.”
In the event that things didn’t work out monetarily, there was always the option of drowning your sorrows in alcohol.
Mr Parfitt now intends to purchase a cask of whiskey for each of his two children – which he will affectionately refer to as “the barrel of mother and dad” – in the hopes that they will also make a profit.