Venture Capital Trusts

Help small companies grow, save income tax and receive tax-free dividends

A Venture Capital Trust (VCT) is a publicly listed company run by a fund manager. It aims to make money by investing in small, unquoted, entrepreneurial companies and helping them grow. 

When you as a private investor buy shares in a VCT, you get access to a portfolio of small companies. The government is keen for experienced investors to invest in this kind of company, because they create jobs and support economic growth. However, investing in small businesses is risky. To help compensate for this, the government offers generous tax benefits: 

  • Up to 30% tax relief – save up to £60,000 on your income tax bill when you invest in newly issued VCT shares 
  • Tax-free dividends – £294 million paid out in 2018/19 alone
  • Tax-free growth – no CGT on gains
  • No need to declare dividends on your tax return
  • Generous allowance – invest up to £200,000 per tax year

Remember, tax rules can change and tax benefits depend on circumstances. 

See all current offers below – you can read our review, download the offer documents and apply online. We also list VCT offers due to open this tax year – you can register your interest and we'll send you an alert as soon as the offer is live.  

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Baronsmead VCTs

Among the longest-running VCTs, investing since 1995 in a diverse portfolio of UK growth businesses. Companies can be unquoted or listed on AIM.

Generalist - - - - - - Coming soon  
Blackfinch Spring VCT Generalist 5% from 2024 5.5% 3% 2.5% - £3.5 million / £20 million 30 Oct 2020 (3pm) for next allotment  
Calculus VCT

The Calculus VCT invests alongside the long-established Calculus EIS fund, which launched in 1999, offering a lower entry point for investors seeking Calculus’ approach to building a broadly diversified portfolio.

Generalist 4.5% of NAV 5% 3% (3.5% for existing shareholders) 2% (1.5% existing shareholders) 0.10% £3.7 million / £10 million 28 Aug 2020 for 1% initial saving  
Downing ONE VCT

A blend of AIM companies, earlier-stage growth opportunities and asset-backed deals from an established VCT manager.

Generalist 4% of NAV 4.5% 2.25% 2.25% 0.10% £14.4 million / £25 million 31 Aug 2020 (3pm) for final allotment  
Foresight Williams Technology Shares Generalist 5% from 2024 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £2.3 million / £20 million 18 Dec 2020 for 2020/21 allotment  
Hargreave Hale AIM VCT

Hargreave Hale specialises in smaller companies investing. This AIM VCT has not raised funds since 2018-19 and intends to open a £20m offer for subscription in 2020-21.

AIM - - - - - - Coming soon  
Maven Income & Growth VCTs

Maven is one of the premier VCT managers. It has particular strength in the UK regions, with 12 offices around the country.

Generalist - - - -   - Coming soon  
Octopus AIM VCTs

Octopus AIM VCT and Octopus AIM VCT 2 (together the Octopus AIM VCTs) offer exposure to a well established portfolio of largely profitable AIM companies plus earlier-stage businesses from newer investments.

AIM - - - - - - Coming soon  
Octopus Apollo VCT

Stability of capital is seen as more important than high growth. Investments in healthcare and renewable energy are key aspects of this portfolio.

Generalist - - - - - - Coming soon  
Octopus Titan VCT

The UK's largest VCT has always been focused on earlier stage growth-oriented companies. It has over 70 companies across a wide range of sectors. The focus is on backing talented entrepreneurs. It has backed some notable winners in the past including Zoopla, SwiftKey and Graze.

Generalist - - - - - - Coming soon  
Pembroke VCT

Pembroke's manager, formerly Oakley Capital, is a long-established name in venture capital investing. This VCT has a distinctive investment strategy. Investments are focused on scalable consumer brands; ones which investors can walk down the high street and see.

Generalist - - - - - - Coming soon  
Puma Alpha VCT

This is Puma’s fourteenth VCT, the first with an evergreen focus. It aims to invest in scale-up opportunities among established, income-yielding growth capital companies.

Generalist 5p from Apr 2023 3% 2.5% (3% existing shareholders) 0.5% (0% for existing shareholders) 0.10% £20 million sought 30 Sep 2020 for early bird saving  
Seneca Growth Capital VCT Generalist - - - - - £1.8 million / £10 million CLOSED    
Triple Point VCT 2011

Generalist, growth-oriented Venture Share class for Triple Point 2011 VCT

Generalist - - - - - £5.1 million / £10 million CLOSED    
Unicorn AIM VCT

Unicorn is a specialist smaller company fund manager. The manager looks for companies with strong cash flows and potential to pay and grow dividends over time. This is a large, well diversified VCT.

AIM - - - - - £25 million / £25 million CLOSED    

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