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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Blackfinch Spring VCT

A new VCT to be managed by the Blackfinch Ventures team

Generalist 5% from 2024 5.5% 4% (5% existing investors) 1.5% (0.5% existing investors) - £2.5m / £20m
1 Apr 2021 (3pm) for 2020/21 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% 5% 0% 0.10% £2.1m / £10m
31 Mar 2021 for 0% initial charge  
Downing ONE VCT

A blend of AIM companies, earlier-stage growth opportunities and asset-backed investments

Generalist 4% of NAV 4.5% 2.25% 2.25% 0.10% £3.8m / £15m
1 Apr 2021 (3pm) for 2020/21 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

Generalist 5% from 2024 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £1.6m / £20m
1 Apr 2021 for 2020/21 allotment  
Octopus Apollo VCT

With assets of more than £140 million, Octopus Apollo is one of the largest VCTs available. Investors get exposure to a portfolio of new growth-capital investments as well as legacy MBO and energy investments.

Generalist 5% of NAV 5.5% 2.5% (3.5% for existing shareholders) 3% (2% for existing shareholders) 0.10% £26m / £35m
5 Apr 2021 (noon) for allotment in 2020/21  
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 2023 3% 1% 2% 0.10% £3.1m / £20m
1 Apr 2021 (3pm) for 2020/21 allotment  
Puma VCT 13

Launched in 2018, the thirteenth VCT managed by Puma Investments is now moving to an evergreen structure.

Generalist 4p-6p 3% 1% 2% 0.10% £2.8m / £7.5m
30 Mar 2021 (3pm) for 2020/21 allotment  
Seneca Growth Capital VCT

A growth-focused VCT share class from Seneca Partners investing in a mix of unquoted and AIM quoted companies

Generalist 3p 5.5% 4.5% 1% 0.20% £2m / £10m
30 Mar 2021 for initial saving  
Triple Point VCT 2011

Generalist, growth-oriented Venture Share class for Triple Point 2011 VCT, investing primarily in B2B companies.

Generalist 3p per share 5.5% 3% 2.5% 0.10% £4.6m / £10m
1 Apr 2021 for allotment in 2020/21  
Albion VCTs

Albion Capital is one of the longest established VCT managers. The VCTs have a broad spread of underlying investments in earlier-stage technology, more mature asset-based businesses, renewable energy, healthcare and education, with a credible team managing these.

Generalist - - - - - £58.5m / £58.5m CLOSED    

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 - - - - - £7m / £7m 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 150 companies spread across legacy MBO investments, AIM-quoted companies and newer early-stage growth investments, as well as three Gresham House equity funds, and money market funds. Target dividend of 7% – not guaranteed.

Generalist - - - - - £65m / £65m 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 - - - - - £30m / £30m 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 - - - - - £30m / £30m CLOSED    
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.

Generalist - - - - - £40m / £40m 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 - - - - - £15m / £15m CLOSED    

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