Menu Menu Menu Login Login Log in Search Search Search
Venture Capital Trusts

Venture Capital Trusts (VCTs)

"VCTs can be an invaluable financial planning tool, both leading up to and in retirement. After ISA and pension allowances have been used, VCTs could be the next port of call for tax-efficient investing." - Richard Troue, Head of Investment Analysis

VCTs offer adventurous investors the chance to invest in small firms to help them grow. As this is a crucial area, the government offers generous tax breaks to VCT investors, but they are higher-risk and longer term than conventional investments.

3 steps to investing in VCTs

  • Read our free guide to VCTs and ensure you understand and accept the risks
  • Choose the VCT you wish to buy and read the Prospectus
  • Complete the VCT application form and return it to us at Freepost: HARGREAVES LANSDOWN

The VCTs detailed below are those currently available through Hargreaves Lansdown. This is not a personal recommendation. If you are unsure any investment is suitable for you, seek advice. You should only consider VCTs if you can afford to take a higher level of risk than mainstream investments. Like all investments, their value will fall as well as rise. You should hold them for the long term, but even then you could still get back less than you invest.

Please remember, the value of tax savings will depend on your circumstances and tax rules can change over time.

The dates shown below and in the VCT Prospectuses are the VCT Manager's own deadlines. We advise you to ensure that your VCT application reaches Hargreaves Lansdown by the preceding business day. All applications should be made on basis of the information contained in the Prospectus.

Please ensure you read and understand the Prospectus before investing.

Free guide to VCTs

A clear, jargon-free introduction to this tax-efficient and speculative way to invest.

Download now

Register for VCT updates

Sign up today and receive details of new VCT offers direct to your inbox.

Register now
Name Minimum investment Amount raising Amount raised Initial charge Total discount* Key Documents
New investor Existing investor
Generalist - Generalist VCTs primarily invest in unquoted companies in a wide variety of sectors and stages of development
Albion
Our view

The Albion team is experienced and well-resourced. We like their hands-on approach as the types of companies VCTs invest in often need nurturing and guidance to reach their full potential. Albion’s well-established VCTs contain a broad mix of companies, from those operating pubs and hotels, to renewable energy investments, and higher-risk less-mature companies in the healthcare and technology sectors. An investment across all six of their VCTs therefore provides a good spread of investments and the potential for regular dividends.

£6,000 £38m £20.6m 2.5% 0%

Prospectus

Factsheet

Application

Baronsmead
Our view

The Baronsmead VCTs are managed by a large, experienced team and they have delivered a good flow of dividends to investors over the years, although there are no guarantees this will be repeated. The VCTs currently offer exposure to a selection of more mature and established unquoted and quoted businesses. New investments are being made in smaller companies at an earlier stage of their life and this type of business will account for a greater proportion of the VCTs over time. These business are typically higher risk and there is the potential for performance to be more volatile in future.

£3,000 £45m £43.5m 3% 0%

Prospectus

Application

Calculus
£5,000 £5m N/A 5% 2.85% (until 2/2/2018, 2.35% thereafter) 3.35% (until 2/2/2018, 2.85% thereafter)

Prospectus

Factsheet

Application

Downing ONE
Our view

Downing’s VCTs invest in a wide range of companies, including health clubs, children’s nurseries, care homes, renewable energy projects, and AIM-listed companies. They combine investments in more mature and established businesses, with higher-risk earlier stage investments. Downing has plenty of experience in these areas and they have a well-resourced investment team. We believe this is vital, given the time taken to uncover and nurture investments in these areas. In recent years Downing has merged a number of VCTs and launched some new ventures (including a VCT that focused on early-stage healthcare and bioscience companies. We view Downing’s investment approach as sensible, but want to see a track record of strong returns build up before becoming more positive.

£5,000 £20m £9.4m 4% 3.25% (until 17/11/2017, 2.75% until 28/02/2018, 2.25% thereafter)

Prospectus

Factsheet

Application

Foresight 4
Our view

The types of company the Foresight team looks for often have technology at their heart or are applying technology to new and interesting areas. They also look for strong management teams and businesses that can potentially take a big share of their market. The performance of some of their VCTs has been held back recently by some renewable energy investments that performance poorly. These are no longer in the portfolio, which is focused on young, unquoted companies. We would like to see more evidence of strong performance from these unquoted companies, and evidence that the significant amount of money being raised can be successfully invested.

£3,000 £50m £6.9m 5.5% 4% (until 30/11/2017, 3% thereafter) 4.5% (until 30/11/2017, 3.5% thereafter)

Prospectus

Factsheet

Application

Maven
Our view

Experience and resources matter when it comes to finding, nurturing, and selling small unquoted businesses; and Maven has both. They invest in entrepreneurial businesses with proven management teams. Then they work with these companies to help them achieve their full potential, by making operational improvements or growing sales, for example. Most types of company are considered as long as the team sees excellent growth prospects and the business model is robust enough to cope with rapid expansion. The Maven VCTs currently invest in companies across a diverse range of sectors, including industrials, healthcare, consumer, telecommunications, energy services, and finance. We like the approach used by their team and believe they have the ability to deliver good long-term performance.

£5,000 £30m £11.5m 5% 3.75% (until 02/02/2018, 2.5% thereafter) 4% (until 02/02/2018, 2.5% thereafter)

Prospectus

Factsheet

Application

Mobeus
Our view

The Mobeus team has built a strong track record, using a disciplined approach which focused on more established companies. Following the sale of some successful investments and having raised a lot of cash, the team has not needed to fundraise for a couple of years. They have also spent time bolstering their team in order to make more investments in younger, fast-growing companies under the new VCT rules. Going forward, these higher-risk companies will form a greater proportion of the VCTs. We think the team is of a high calibre and they stand a good chance of success under the new rules.

£6,000 £80m £50m 3.25% 0.75%

Prospectus

Factsheet

Application

Octopus Titan
Our view

This VCT aims to invest in some of Britain’s brightest young businesses at a very early stage of their development. Previous successes have included Zoopla, the property search portal; Secret Escapes, the luxury travel company; and SwiftKey, a technology company bought by Microsoft in February 2016. The team’s philosophy is to back talented people, regardless of the sector or type of business they operate. They seek entrepreneurs with an industry-changing product or service which can be commercialised to disrupt or change the entire industry and become a household name. Many companies in the portfolio are embracing technological innovations to a greater or lesser extent. We view this as a higher-octane VCT with the potential for strong gains, but with higher risks. Octopus has raised significant sums of money in recent years and while they are confident sufficient high-quality investment opportunities can be found, we would like to see more evidence they can successfully invest such large sums before becoming more positive.

£3,000 £120m £100.8m 5.5% 4.5% (until 14/11/2017, 2.5% thereafter) 5.5% (until 14/11/2017, 3.5% thereafter)

Prospectus

Factsheet

Application

Pembroke
£3,000 £20m N/A 5.5% 4% (until 12 January 2018, 3% thereafter)

Prospectus

Application

Proven
£5,000 £4.5m N/A 5.5% 2.25% 3.25%

Prospectus

Application

Proven Growth & Income
£5,000 £4.5m N/A 5.5% 2.25% 3.25%

Prospectus

Application

AIM - AIM VCTs primarily invest in companies that are listed or are about to list on the Alternative Investment Market
Amati & Amati 2
£4,000 £20m £3.7m 3% 2%

Prospectus

Factsheet

Application

Limited Life - Limited Life VCTs aim to wind up and distribute assets to shareholder after a set period, typically five to ten years after launch, although there are no guarantees
Puma 13
£5,000 £30m N/A 3% 1%

Prospectus

Application

* includes our discount and any discount from the VCT. VCTs are listed alphabetically.

Important information: VCTs should only be considered by sophisticated investors with significant investment portfolios who can take a long-term view and are comfortable with higher risks. The Financial Conduct Authority (FCA) suggests a sophisticated investor is somebody with an annual income in excess of £100,000 or investable assets of more than £250,000. Even then we feel VCTs should account for no more than 10% of a well-diversified portfolio.

VCTs are unlikely to be suitable for mainstream investors who may need access to their money in the short term, or for whom loss of the investment will cause financial hardship. This website does not constitute personal advice. We assume investors will make their own assessment of their expertise and the suitability of VCTs for their circumstances. Those with any doubts should seek expert advice.

Hargreaves Lansdown may receive an annual fee from the VCT manager based on the value of shares allocated to you in the offer. This amount will vary depending on the VCT in question. Full details of this, the risks and the VCT can be found in the prospectus. Any decision to invest must be made purely on the basis of the prospectus.

Tax savings

Have a question?

0117 900 9000

Register for VCT updates

Sign up today and receive details of new VCT offers direct to your inbox.

Register now

What are the tax benefits?

To encourage investment in an area vital to the economy, and in recognition of the risks and complexities of VCTs, the government offers certain tax benefits to VCT investors.

This makes them particularly attractive to those seeking to reduce their tax bill and generate income from their capital.

  • 30% income tax relief for subscriptions in new VCT fund raisings
  • Dividends paid by VCTs are free of tax
  • No capital gains tax (CGT) to pay when you dispose of the VCT

The income tax relief means if you invest £10,000 you could either receive a cheque from the taxman for £3,000 or an adjustment in the income tax you pay. This applies to anyone, regardless of the rate of tax you currently pay.

You can invest up to £200,000 in VCTs each tax year and benefit from this tax relief. However, the maximum tax rebate is the amount of income tax you pay (see examples below).

Example 1:
Mr Smith invests £50,000 in a VCT. He will pay £20,000 in income tax this tax year, so he is entitled to the full 30% tax rebate of £15,000.

Example 2:
Mrs Smith invests £50,000 in a VCT. She will pay £10,000 in income tax this tax year, so the maximum tax rebate to which she is entitled is £10,000.

You must hold the shares for five years to keep the tax rebate. The rebate is only available when you invest in a new issue of shares in a VCT or a top-up, not on any VCTs you buy on the open market. However, VCTs bought on the secondary market count towards the £200,000 allowance for the tax year in which you buy them, despite the fact you don't get the income tax break. All tax treatments are subject to change and any benefits depend on personal circumstances. If the VCT manager fails to meet the relevant investment rules the tax benefits could be withdrawn retrospectively.

Have a question?

0117 900 9000

Register for VCT updates

Sign up today and receive details of new VCT offers direct to your inbox.

Register now

What are the risks?

Although some VCTs may be viewed as less speculative than others, investors should remember that as a whole they are exposed to substantially higher risks than mainstream equities.

VCTs should only be considered by sophisticated investors with significant investment portfolios who can take a long-term view and are comfortable with higher risks. The Financial Conduct Authority (FCA) suggests a sophisticated investor is somebody with an annual income in excess of £100,000 or investable assets of more than £250,000. Even then we feel VCTs should account for no more than 10% of a well-diversified portfolio.

VCTs are unlikely to be suitable for mainstream investors who may need access to their money in the short term, or for whom loss of the investment will cause financial hardship. This website does not constitute personal advice. We assume investors will make their own assessment of their expertise and the suitability of VCTs for their circumstances. Those with any doubts should seek expert advice.

They invest in smaller, sometimes fledgling, companies, some of which could struggle or fail altogether, meaning losses for investors. The VCT manager may also have trouble selling the underlying investments. Investors should also be aware that VCT shares are illiquid. This means they can be difficult to sell (and buy) on the secondary market. Although shares are fully listed on the London Stock Exchange, there might be only one ‘market maker’ for the shares, which means investors may have difficulty selling at a price that fairly reflects the value of the underlying holdings or, in extreme circumstances, at any price.

Often the VCT manager will offer to buy back investors’ shares at a target discount to the value of the underlying holdings. Details of any such buyback schemes can be found in the prospectus. They are subject to conditions and not guaranteed.

A long-term horizon is essential with VCT investing. Aside from ‘limited life’ VCTs that look to wind up after a 5-7 year time period, a ten-year time horizon is desirable. This is because it takes time for expanding businesses to fully realise their potential.

Investors should also be aware of risks affecting specific VCTs and VCT types. For instance, a further issue arises from smaller VCT funds who fail to raise sufficient money at launch. The resulting portfolio of investments may be more concentrated and it could increase the risks and charges. It is also worth noting that all VCTs tend to have higher charges than other types of fund and usually have performance fees.

As well as investment risks, it is possible that HMRC could withdraw the tax status of the VCT if it fails to meet the qualifying requirements. If this happens any tax rebate may have to be repaid. Each VCT will issue a prospectus at launch which gives details of specific risks and it should be read thoroughly before considering an investment. If you are at all unsure of the suitability of VCTs for your circumstances, please seek personal advice.


  • VCTs aren't for everyone.

    They are high risk, and difficult to sell, meaning they are only really appropriate for investors who already have significant portfolios of more conventional investments. In short, you need to accept the risk of losses, and also take a very long-term view. We therefore feel that at most they should account for 5 to 10% of your equity portfolio.

    Nevertheless, for those who can accept the risks, they can be a rewarding investment, especially for those who need their capital to generate an income – perhaps to supplement their pension in retirement. Indeed they can appeal to a variety of investors.

    Some case studies are shown below. Remember that if you have any doubts as to whether VCTs are right for you, you should seek expert advice.

    "I invest in VCTs primarily for the initial income tax breaks, to assist in sheltering my income from higher rate tax" - Mr Preece, Gwent

    "VCTs enable me to build a tax free revenue stream to add to any pension income I will get when I retire" - Ms Dupras, Surrey

    "I like to support young and start-up businesses as I think they are the future of our country. If I can do that and there are benefits for me I think that's a good thing." - Dr Clifford, Yorkshire


How to invest

VCT managers periodically seek to raise new money from investors. Investments made during these offer periods qualify for 30% income tax relief on the amount invested. Because VCT managers seek to raise a fixed amount of capital and shares are allocated on a 'first come first served' basis, the most popular VCTs often sell out quickly. We therefore recommend acting quickly to avoid disappointment. Investors can keep up to date with details of forthcoming VCT launches by signing up to our VCT alert service. As one of the UK's largest VCT brokers we have negotiated a range of discounts on leading VCT offers, usually in the form of extra shares.

Before applying for your chosen VCT please download and read the prospectus. You can find the prospectus in the current VCT offers section. Then simply complete the relevant application form and return it along with your cheque to Hargreaves Lansdown.

View current VCT offers

While VCTs can be purchased on the open market we generally don't believe this is a good idea. The 30% income tax relief is not available for VCTs purchased on the open market, but they still count towards the £200,000 limit for the tax year in question. Furthermore, because there are very few buyers and sellers of VCT shares in the secondary market, liquidity is poor.


  • Many investors start with a generalist VCT as this can give them a broad spread of investments, rather than targeting an individual sector. We generally believe building a diversified portfolio of high-quality generalist VCTs paying attractive dividends is a sensible strategy. This can then be supplemented with different types of VCT if you consider them appropriate for your circumstances.

    The following factors should be considered when choosing a VCT:

    • Experience and resources of the management team
    • Their style – do they focus on more mature, profitable companies; or early-stage higher growth businesses?
    • Their track record of profitable investments leading to attractive dividend payments
    • The potential of the current portfolio – a mix of mature investments ripe for sale and new investments to drive future growth
    • The pipeline of new investment opportunities
    • How the manager structures their investments between debt and equity

    Full details of the VCTs currently available, with all the information to help you reach a decision, can be found on our offers page.


  • Claiming tax relief

    The first step is to claim your tax relief.

    You claim the relief in your tax return for the year in which the shares were issued. There is a section on the form dedicated to VCTs. You will then be repaid the income tax by HMRC via your tax code, as a lump sum rebate or, if self-employed, a reduction in your tax bill.

    Once your shares have been issued, the VCT will provide you with a tax certificate. This might be required by HMRC as proof of your investment.

    Monitoring your investment

    The main considerations when assessing the performance of your VCT are:

    • The net asset value (NAV) – this will give you a view of how the underlying holdings have performed
    • The dividends paid to date

    Our website contains information on all the major VCTs, while the VCT manager's annual report & accounts – the latest version of which is also available via our website – contains information on how the VCT has performed.

    Receiving dividends

    Dividends can be received via cheque or be paid directly into your bank account. If you want dividends paid into your bank account you should complete the appropriate section on the VCT application form. Dividends from VCT investments are tax-free and do not need to be included on your tax return.

    Realising my investment

    A VCT must be held for a minimum of five years in order to permanently keep the tax relief. At any time after this point a VCT can be sold on the open stock market, just like any other UK-listed share or investment trust. For full details on how to sell your VCT shares in this way, including the associated charges, please contact our dealing desk on 0117 980 9800.

    However, before selling on the open market you should also contact the VCT manager who might be able to buy back the VCT shares from you at a better price. Because VCTs are specialist investments which are not widely held by investors the share price can often be significantly lower than the value of the underlying assets (this is known as trading at a discount to NAV).

    In order to make it easier for investors to sell their shares many VCT managers periodically offer to buy them back at a better price than is available on the open market – typically at a 5% to 10% discount to NAV, although this is not guaranteed.


Have a question?

0117 900 9000

Register for VCT updates

Sign up today and receive details of new VCT offers direct to your inbox.

Register now

What is a VCT?

A VCT is a company whose shares trade on the London stock market, just like Barclays or Vodafone. However, rather than banking or telecoms, a VCT aims to make money by investing in other companies. These are typically very small companies which are looking for further investment to help develop their business.

This is a vital area of the economy, and without funding from venture capitalists many companies we consider household names would never have been able to grow their businesses.

A VCT typically invests in around 20 such businesses. These are chosen by the VCT manager – an expert in identifying opportunities amongst fledgling companies, and negotiating attractive deals for investors.

To encourage investment in this crucial area, the government offers generous tax benefits to investors, including tax relief of up to 30% when investing. Tax rules can change and any benefits depend on personal circumstances.

Profits are generally paid to VCT investors as tax-free dividends, which are the primary source of return for VCT investors. The VCT manager will also provide expertise to help their chosen firms expand and provide better returns for their investors. They normally look to sell their share of the business three to seven years after investing and reinvest the capital in the next opportunity.

Investing in this dynamic area makes VCTs an exciting investment proposition, but it also means they are inherently higher risk, as smaller companies can be prone to failure. VCT shares are difficult to buy and sell – the market price may not reflect the value of the underlying investments. The value of the shares will fluctuate, income is not guaranteed and you could get back less than you invest. VCTs are therefore aimed at wealthier, sophisticated investors who can afford to take a long-term view. The prospectus of each VCT will give full details of the risks and should be read thoroughly before making an investment.


  • To ensure VCTs achieve their objectives; are compliant with European and UK legislation; and remain eligible for tax relief, VCT managers must adhere to a number of rules, some of which were amended in 2015.


    • The amendments impose stricter limits on the investments which may be made by VCTs. They are designed to encourage VCTs to only make investments intended to grow and develop small businesses at an early stage of their life.

      As with any legislation the full details are complex. The most significant changes include VCTs no longer being able to invest in companies more than 7 years old; certain types of transaction, including management buy-outs (MBOs - where VCT funds are used to help existing management buy shares from a founder or other major shareholder), are no longer permitted; and VCTs cannot invest more than £12 million in any one company.


    • The broad effect of these reforms will mean some VCTs are forced to invest in smaller businesses at an earlier stage of their development. Younger companies don’t tend to generate the same profits and cash flows (from which dividends can be paid) as more mature companies. Indeed, some are likely to be unprofitable and while some might achieve impressive success others will be more prone to failure.

      In effect, this refocuses VCTs on the types of business it was always intended they should help. However, less consistent returns from underlying companies could mean less consistent returns from VCTs. VCTs are able to smooth dividends by holding back some gains in successful years, but in future NAVs and dividends could be more volatile.

      Preventing certain types of transaction, such as MBOs, and business acquisitions will also prove restrictive for some VCT managers. It potentially reduces the number of investment opportunities they have to choose from.

      As for the £12 million investment limit, we don’t expect this to materially affect the ability of VCT managers to make investments.

      The new rules only apply to investments made from November 2015. Investments made prior to this are unaffected so there should not be an immediate impact on existing VCT portfolios. In future, all VCT managers will have to abide by the new rules and some will have to change their approach. The impact will vary between VCTs and any changes to existing portfolios will take place over a number of years as new investments are gradually made.


    • VCT managers have adapted to rule changes before and we expect them to do so again on this occasion. That said, the changes are significant and create uncertainty for some.

      We continue to believe holding a selection of VCTs from different managers is sensible as it increases diversification.

      VCTs have always been higher-risk investments, although some VCT managers reduced this risk slightly by backing more mature and established companies.



  • VCTs invest in small, fledgling companies in need of capital. HMRC rules require that at least 70% of a VCT's assets are invested in 'qualifying holdings'. There are a number of rules surrounding what constitutes a qualifying holding, but the main ones are that the company must not have net assets of more than £15m, and must have fewer than 250 employees.

    A number of companies which have benefited from VCT investment have grown to become household names, including the examples below.


    • Virgin Wines was founded in 2000 and acquired by Direct Wines in 2005. The management team has successfully grown the business to a turnover of £35m, and in October 2013 completed a management buy out, largely funded by an £8.7m investment from Mobeus VCTs.

      Investment case

      The online wine market is forecast to grow by 10% p.a. and Virgin Wines is well positioned to take advantage with a niche range of wines and innovative customer loyalty schemes. It generates maintainable profits of £2.4m on sales of £35.4m.

      The business is cash generative and management intends to increase marketing and recruitment spending significantly. In turn they expect this to deliver a large increase in customer recruitment, driving improved repeat spending, a larger core customer base and therefore revenue growth.

      The deal structure

      The deal was structured in such a way as to combine both a loan to Virgin Wines, and also the purchase of a 42% stake in the company. The loan serves to mitigate risk and provide a steady income stream, whilst the 42% share in the company allows the potential for significant capital appreciation.

      Mobeus had been looking to make an investment of this type for some time. They believe this is an attractive entry price for a business of this size, which combines consistent profitability, the benefit of the Virgin brand and reasonable growth prospects.

      The future

      Mobeus expects the company to achieve significant expansion now that it has a focused management team and is no longer part of a larger company. This in turn should provide a strong cash return for Mobeus VCT shareholders, should the business be sold to an overseas trade buyer or as part of a sale to another larger private equity house.


    • Go Outdoors is an out-of-town retailer of clothing and equipment for a wide range of outdoor activities. YFM Equity Partners (managers of the British Smaller Companies VCTs) originally invested in 1998, when there was just 1 store in Sheffield, and has supported a rapid expansion to 49 stores today and over £200m of turnover.

      Investment case

      Go Outdoors had an ambitious and experienced management team, combined with a new approach with an out-of-town superstore selling everything for the outdoors under one roof.

      Since YFM's investment, employee numbers have grown from 15 to over 2000 and turnover increased from £2m to over £200m.

      The deal structure

      The first investment was made in 1998 in ordinary shares to give upside as the business grew, and some redeemable preference shares to provide some capital return along the way. YFM held a 20% stake, with the management team incentivised by holding the majority of the shares.

      A minority stake was sold to 3I in 2011, realising £6.5m in cash for VCT shareholders, but a 14% stake is still held. The total return thus far represents 30 times the initial investment.

      The future

      A new CEO was recruited in 2013 who is a professional and experienced retailer. This has allowed strategic plans to be refocused, with plans set to double the profits of the business again over the next 2-3 years. This will allow the VCT to evaluate again its options for crystallising some or all of its investment. There will be new store openings and a refreshed ecommerce offering this year.



  • There are a number of different types of VCT.

    Generalist VCTs are the most common, and the most popular with investors. They invest in a broad range of companies in different sectors and at different stages of development.

    AIM VCTs invest predominantly in companies listed on AIM, or those which are about to list on AIM.

    Specialist VCTs tend to invest in just one sector, such as technology. Specialist VCTs are becoming less common.

    Limited Life VCTs are designed to be lower risk and lower return than other VCTs and aim to wind up and distribute assets to shareholder five to seven years after launch, although there are no guarantees.


  • It's a common misconception that because VCTs invest in smaller companies, the returns are likely to come in the form of capital growth.

    In fact, the majority of returns are paid as tax-free dividends during the life of the VCT. Many VCT managers aim to generate yields in the region of 5% a year, which is equivalent to around 7% for a higher rate tax payer.

    In order to achieve a steady flow of dividends, VCT managers often structure investments in the underlying companies in a way that emphasises income generation. They do this by providing a proportion of the investment as a loan with the remainder in shares. The repayments on the loan provide a regular income to the VCT while loans also rank ahead of equity in the event the business fails, making the deal less risky if the business has assets which can be sold.

    The capital value of their investment should be a secondary concern for investors. We suggest holding VCTs for the long term – a 10-year plus time horizon is ideal – in order to benefit from the tax-free dividends as the portfolio matures.

    How do I sell?

    If you sell your VCT shares in the first five years you will have to repay any tax relief you have received. Furthermore, because there are very few buyers and sellers of VCT shares in the secondary market, liquidity is poor. This means that the price you can obtain often doesn't reflect the value of the underlying assets.

    To realise their investment many investors wait for the VCT manager to offer to buy back their shares (a frequent occurrence) or simply wind up the VCT and return the capital as a final tax-free dividend.


Have a question?

0117 900 9000

Register for VCT updates

Sign up today and receive details of new VCT offers direct to your inbox.

Register now