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 potential volatility of AIM, this is an offer to consider.

AIM 5% to 6% of NAV 3% 2% 1% - £23.4 million / £25 million 16 Oct 2020 for next allotment  
Blackfinch Spring VCT Generalist 5% from 2024 5.5% 3% 2.5% - £3.4 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% 2% (2.5% for existing shareholders) 3% (2.5% existing shareholders) 0.10% £3.7 million / £10 million 28 Aug 2020 for next allotment  
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 million / £25 million 30 Apr 2020 (3pm) for next allotment  
Draper Esprit VCT

Diverse VCT portfolio with a focus on growth businesses, particularly in software and computer services. The acquisition of Elderstreet by Draper Esprit promises to enhance deal flow and provide the VCT with opportunities to invest in larger, more established businesses.

Generalist 3p 5.5% 2.5% 3% - £11.2 million / £20 million 31 May 2020 (4pm) for next allotment  
Foresight VCT

This generalist VCT features a broad mix of investments within the portfolio including technology, software and other sectors. Foresight is one of the leading private equity groups in the UK.

Generalist 5% of NAV 5.5% 3% 2.5% (2% for existing shareholder) 0.10% £24.7 million / £25 million Very limited capacity (2020/21 only)  
Foresight Williams Technology Shares Generalist 5% from 2024 5.5% 3% (3.5% for existing shareholders) 2.5% (2% existing shareholders) 0.10% £2.1 million / £20 million 18 Dec 2020 for next allotment  
Octopus Apollo VCT

Investors will buy into a VCT with over £130 million of assets. Stability of capital is seen as more important than high growth. Investments in healthcare and renewable energy are key aspects of this portfolio.

Generalist 5% 5.5% 2.5% 3% (2% for existing shareholders) 0.25% £30 million / £50 million 9 May 2020 (noon) for next allotment  
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% £5.4 million / £30 million 29 May 2020 for next allotment  
Seneca Growth Capital VCT Generalist - 5.5% 5.5% 0% 0.30% £1.8 million / £10 million 9 Jul 2020 (noon) for zero initial charge offer  
Triple Point VCT 2011

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

Generalist 3p per share 5.5% 3% 2.5% (1.5% existing shareholders) 0.15% £5.1 million / £10 million 31 Aug 2020 for next allotment  
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 - - - - - £34 million / £34 million CLOSED    
Maven Income & Growth VCTs

Maven is one of the premier VCT managers. It manages six VCTs alongside its private equity and debt financing activities. Maven has particular strength in the UK regions, with 12 offices around the country.

Generalist - - - -   £15 million / £15 million CLOSED    
Mobeus VCTs

Mobeus is a private equity house with a strong track record of VCT management. In the past its four VCTs have predominantly invested in MBOs; however since the VCT rule change in 2015 they have 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 - - - - - £58 million / £58 million CLOSED    
Northern VCTs

The three Northern VCTs are among the longest-running and have built up a strong investor following over the years. Last year's offer sold out in 11 days. The current offer is also expected to be popular. Applications are processed on a first come, first served basis – the quickest way to apply is online, through Wealth Club.

Generalist - - - - - £38.2 million / £40 million 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 - - - - - £23 million / £23 million CLOSED    
Octopus Titan VCT

The UK's largest VCT has always been focused on earlier stage growth-oriented companies. It has around 65 portfolio 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 - - - - - £124.2 million / £135 million CLOSED    
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 - - - - - - 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 - - - - - £30 million / £30 million CLOSED    

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