Venture Capital Trusts

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

A Venture Capital Trust (VCT) is a publicly listed investment 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 exposure 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 – no need to declare VCT dividends on your tax return
  • Tax-free growth – no CGT on gains
  • Generous allowance – invest up to £200,000 per tax year

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

See all current VCT offers below – you can read our reviews, download the documents and apply online. We also list VCT offers coming soon – you can register your interest for free VCT alerts as soon as offers go live.

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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% 3% (4% existing investors) 2.5% (1.5% existing investors) - £6.6m / £20m
16 Jun 2022 (noon) for 2022/23 allotment  
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) 2.65% (2.15% existing investors) 0.10% £5.5m / £10m
26 Aug 2022 for 2022/23 allotment  
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% 2.25% 2.25% 0.10% £2.2m / £10m
31 May 2022 (3pm) for 2022/23 allotment  
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% 2.25% 2.25% 0.10% £2.4m / £10m
31 May 2022 (3pm) for 2022/23 allotment  
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% 2.25% 2.25% 0.10% £4.4m / £10m
31 May 2022 (3pm) for 2022/23 allotment  
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 5% of NAV 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £3.7m / £20m
30 Jun 2022 (noon) for 2022/23 allotment  
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% £3.3m / £20m
Apply now for 2022/23 allotment  
Octopus Future Generations VCT

Octopus Future Generations VCT is a new VCT with a focus on sustainability, managed by Octopus Ventures, the UK's largest VCT manager.

Sustainability focus 5% of NAV from 2025 3% 3% (2% for existing shareholder) 0.10% £32.9m / £40m
Overallotting
82% full
Apply now for 2022/23 allotment  
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% 1% (2% for existing shareholders) 2% (1% existing shareholders) 0.10% £5.5m / £15m
31 May 2022 (noon) for 2022/23 allotment  
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% for existing shareholders) 0.15% £3m / £10m
Apply now for 2022/23 allotment  
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% 2.5% 0.10% £15.9m / £20m
Overallotting
79% full
Apply now for 2022/23 allotment  
Albion VCTs

Albion Capital is one of the longest established VCT managers. Together, the six VCTs give investors exposure to a well diversified portfolio of 73 companies, a combination of predominantly growth capital investments and a somewhat smaller legacy portfolio of income-generating, asset-based and renewable energy investments, as well as cash.

Generalist - - - - £96.5m / £96.5m CLOSED    
Amati AIM VCT

The Amati AIM VCT invests predominantly in AIM stocks and offers a mixed portfolio of mature, revenue-generating companies as well as earlier-stage businesses with the potential for significant growth.

AIM - - - - £25m / £25m CLOSED    
Baronsmead VCTs

The Baronsmead VCTs are amongst the longest-standing and most diverse of all VCTs. They give investors access to a portfolio of more than 100 companies. Click the link above to read our full review.

Generalist - - - - - £75m / £75m CLOSED    
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    
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    
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 £32m / £40m CLOSED    
Mobeus VCTs

The four Mobeus VCTs are stalwarts of the VCT industry. All have the same investment remit and will generally invest in the same companies, albeit usually in different proportions.

Generalist - - - - - £35m / £35m CLOSED    
Molten Ventures VCT (formerly 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    
Northern VCTs

The three Northern VCTs are among the longest-running and have built up a strong investor following over the years. Since December 2019 the management has been under the ownership of Mercia Asset Management plc.

Generalist - - - - - £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 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    
Pembroke VCT

Pembroke's manager, formerly Oakley Capital, is a long-established name in venture capital investing, with £4 billion under management. Pembroke VCT is focused on growth investing, typically backing consumer brands with premium pricing potential. Click the link above to read our full review.

Generalist - - - - - £45m / £50m CLOSED    
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 - - - - - £30m / £30m 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. Click the link above to read our full review.

AIM - - - - - £25m / £25m CLOSED    

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