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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Amati AIM VCT

Amati is a highly regarded fund manager with a track record of investing in smaller listed businesses. For investors willing to tolerate the potential volatility of AIM, this could be an offer to consider.

AIM - - - - - £25m sought
Coming soon  
Blackfinch Spring VCT

A new VCT launched in 2019/20, managed by the Blackfinch Ventures team. Click the link above to read our full review.

Generalist 5% from 2024 5.5% 4.5% (5.5% existing investors) 1% (0% existing investors) - £2m / £20m
27 Jan 2022 for early bird saving  
Calculus VCT

Calculus VCT invests alongside the long-established Calculus EIS fund, offering a lower entry point for investors seeking Calculus’s approach to building a broadly diversified portfolio. Click the link above to read our full review.

Generalist 4.5% of NAV 5% 2.35% (2.85% for existing shareholders) 2.15% (1.65% existing investors) 0.10% £2.4m / £10m
28 Jan 2021 for 0.5% initial charge  
Downing FOUR VCT – AIM Shares

A newly created share class within Downing FOUR VCT that will seek to invest in a portfolio of 15–20 AIM-quoted companies. Click the link above to read our full review.

AIM Not specified 4.5% 2.75% (3.25% for existing shareholders) 1.75% (1.25% existing shareholders) 0.10% £1.1m / £10m
11 Feb 2022 for early bird saving  
Downing FOUR VCT – Healthcare Shares

Downing FOUR Healthcare Shares, one of the three active share classes in Downing FOUR VCT, seeks to invest in early and mid‐stage healthcare companies. Click the link above to read our full review.

Specialist 4% of NAV 4.5% 2.75% (3.25% for existing shareholders) 1.75% (1.25% existing shareholders) 0.10% £1.3m / £10m
11 Feb 2022 for early bird saving  
Downing FOUR VCT – Ventures Shares

Downing FOUR Ventures Shares (previously known as Generalist) is one of the three active share classes in Downing FOUR VCT. It seeks to invest in a portfolio of small, ambitious technology businesses. Click the link above to read our full review.

Generalist 4% of NAV 4.5% 2.75% (3.25% for existing shareholders) 1.75% (1.25% existing shareholders) 0.10% £1.8m / £10m
11 Feb 2022 for early bird saving  
Foresight Enterprise VCT (formerly Foresight 4 VCT)

Foresight Enterprise VCT (formerly Foresight 4 VCT) has a weighting towards technology, media and telecoms. Click the link above to read our full review.

Generalist - - - - - -
Coming soon  
Foresight Williams Technology Shares

A new share class of Foresight Solar & Technology VCT, part of the collaboration between Foresight Group and Williams Advanced Engineering, seeking to invest in early-stage high-growth technology businesses. Click the link above to read our full review.

Generalist 5% of NAV from 2024 5.5% 3% (3.5% for existing shareholders) 2.5% (2% for existing shareholder) 0.10% £120,000 / £20m
1 Apr 2022  
Maven Income and Growth VCTs

Maven is a highly regarded fund manager known for its strong regional presence. The Maven VCTs are now a blend of more mature management buyout investments, early-stage high-growth private companies, AIM-quoted companies, private equity investment trusts and cash or cash equivalents. Click the link above to read our full review.

Generalist 5% of NAV 5.5% 4.25% (4.5% for existing shareholders) 1.25% (1% existing shareholders) 0.10% £12.7m / £20m
2 Feb 2022 for early bird and dividend  
Mobeus VCTs

Mobeus is a private equity house with a strong track record of VCT management. Its four VCTs once predominantly invested in MBOs; since the VCT rule change in 2015 Mobeus has built up an experienced growth investing team, led by Trevor Hope (formerly of the ProVen VCTs). Mobeus focuses on mid-stage growth companies; investors will continue to be exposed to the MBO portfolio although this will be replaced over time.

Generalist - - - - - -
Coming soon  
ProVen VCTs

An established VCT offering new investors a diverse portfolio of maturing companies alongside new investments. Beringea has a solid track record of investing in companies with growth potential and supporting them until a profitable exit can be achieved. Click the link above to read our full review.

Generalist 5% of NAV 5.5% 3.25% (4% for existing shareholders) 2.25% (1.5% for existing shareholders) 0.10% £1.9m / £40m
11 Feb 2022 for early bird saving  
Puma Alpha VCT

Puma Alpha VCT, the fourteenth VCT from Puma, aims to invest in scale-up opportunities among established, income-yielding growth capital companies.

Generalist 5p from 2023 3% 2% (3% for existing shareholders) 1% (0% existing shareholders) 0.10% £413,511 / £15m
31 Jan 2022 for early bird  
Puma VCT 13

Launched in 2018, the thirteenth VCT managed by Puma Investments is now moving to an evergreen structure. Click the link above to read our full review.

Generalist 4p–6p 3% 2% (3% existing shareholders) 1% (0% existing shareholders) 0.10% £14.9m / £25m
25 Jan 2022 for dividend  
Seneca Growth Capital VCT

A growth-focused VCT share class managed by Seneca Partners, investing in a mix of unquoted and AIM quoted companies. Click the link above to read our full review.

Generalist 3p per share 5.5% 4.5% (5.5% for existing shareholders) 1% (0% existing shareholders) 0.15% £1.1m / £10m
31 Jan 2022 for early bird saving  
Triple Point VCT 2011

Generalist, growth-oriented Venture Share class for Triple Point 2011 VCT, investing primarily in B2B companies. Click the link above to read our full review.

Generalist 5p per share 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £5.6m / £10m
31 Jan 2022 for existing shareholder loyalty saving  
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. Click the link above to read our full review.

AIM - - - - - £25m sought
Coming soon  
British Smaller Companies VCTs

Two of the longest-established VCTs, managed by YFM Equity Partners. Click the link above to read our full review.

Generalist - - - - - £60m / £60m CLOSED    
Draper Esprit VCT

The former Elderstreet VCT invests in early-stage digital technology businesses, often alongside FTSE 250 listed Molten Ventures plc (previously Draper Esprit plc), which acquired the VCT management company in 2019.

Generalist - - - - - £30m / £30m CLOSED    
Hargreave Hale AIM VCT

An established offer from a well regarded fund management house. This VCT invests in both AIM and unquoted companies, differentiating it from other AIM VCTs in our view. Read more…

AIM - - - - - £40m / £40m CLOSED    
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 - - - - - £40m / £40m CLOSED    
Octopus Apollo VCT

With assets of more than £225.5 million, Octopus Apollo is one of the largest VCTs available. Investors get exposure to a portfolio of largely revenue-generating fast-growing companies, with a bias towards technology.

Generalist - - - - - £40m / £40m CLOSED    
Octopus Titan VCT

The UK's largest VCT has always been focused on earlier stage growth-oriented companies. Click the link above to read our full review.

Generalist £200m / £200m CLOSED    

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