Stop Guessing. Start Knowing.
The Plain English Guide to Cask Ownership.
The Definition: The percentage of the liquid that is pure alcohol. To be legally called “Scotch Whisky,” the liquid must be at least 40% ABV.
The Takeaway: If your cask drops below 40% ABV, it is legally worthless as Scotch. We monitor this strictly (see Regauging).
The Definition: The natural evaporation of liquid from the cask as it breathes. In Scotland, you typically lose about 2% of the total volume per year.
The Takeaway: You are buying a shrinking asset. However, as the volume decreases, the quality and rarity usually increase. This trade-off is the core mechanic of whisky investment.
The Definition: A highly secure, government-controlled facility where whisky is stored tax-free (duty suspended).
The Takeaway: Your cask must live here. If it leaves a bonded warehouse, Excise Duty and VAT immediately become payable (approx. £28.74 per liter of pure alcohol). Never buy a cask that isn’t in a bond.
The Definition: The total volume of liquid in the cask (Alcohol + Water/Impurities).
The Takeaway: Don’t focus on this number. A cask could have high Bulk Liters but very low alcohol strength. Always look at the OLA or RLA (see below).
The Definition: The legal document that transfers ownership of goods in a warehouse from the seller to the buyer.
The Takeaway: This is your title deed. A certificate from a broker is nice, but a Delivery Order acknowledged by the warehouse is the only legal proof that you own the cask.
The Definition:
The Takeaway: “First Fill” casks usually command a premium price because they mature the whisky faster and richer. “Refill” is not bad, but it is a longer-term hold.
The Definition: Whisky made from grains other than malted barley (usually wheat or corn). It is generally lighter and produced in larger quantities than Single Malt.
The Takeaway: Single Grain is cheaper to enter than Single Malt. While it has lower historical appreciation, old grain whisky (30+ years) is becoming a cult collectible.
The Definition: The most common cask size, holding approximately 250 liters. Usually made by re-coopering (rebuilding) American Bourbon barrels.
The Takeaway: The “Goldilocks” cask. Big enough to be cost-effective, small enough to interact well with the wood. It is the industry standard for trading.
The Definition: The clear, high-strength liquid (approx 63.5% ABV) that comes off the still before it touches oak.
The Takeaway: When you invest in “New Make,” you are buying at the absolute floor price. It is the longest hold (5–10+ years), but offers the highest potential percentage growth.
The Definition: The amount of pure alcohol in the cask on the day it was filled.
The Takeaway: Warning: If you are buying an older cask (e.g., 10 years old), do not pay based on the OLA price. The angel’s share means much of that alcohol is gone. Always ask for the RLA.
The Definition: The “MOT” or health check for a cask. The warehouse dips the cask to measure the current volume and tests the ABV.
The Takeaway: You should request a regauge every 3 years for young casks, and annually for old casks (18+ years). It proves your asset is healthy.
The Definition: The amount of pure alcohol remaining in the cask right now, confirmed by a recent check.
The Takeaway: This is the true quantity you are buying. When valuing a mature cask, the price is calculated as: £ per RLA.
The Definition: Whisky made from 100% malted barley, water, and yeast, produced at a single distillery.
The Takeaway: The blue-chip stock of the whisky world. It commands the highest demand from bottlers and collectors.
The Definition: Warehousekeepers and Owners of Warehoused Goods Regulations. A strict HMRC certification required to operate a bonded warehouse or trade revenue goods as a business.
The Takeaway: You generally do not need a WOWGR certificate to own casks privately. However, your storage partner must be WOWGR registered. We handle the compliance so you don’t have to.