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 basket of small companies. The government is keen for experienced investors to invest in this kind of company because they typically 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 – a record £398 million paid in 2017/18 alone
  • Tax-free growth
  • Generous allowance – invest up to £200,000 per tax year
  • No need to declare dividends on your tax return

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 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% - £5.7 million / £25 million 31 Jan 2020  
Blackfinch Spring VCT Generalist 5% from 2024 5.5% 4.5% 1% - £20 million sought 31 Jan 2020 for early bird saving  
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% £1.4 million / £10 million 12 Dec 2019 for zero initial charge offer  
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% 3.25% 1.25% (0.75% for existing shareholders) 0.10% £4 million / £15 million 13 Dec 2019 for early bird saving  
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% 4.0% 1.5% - £2.5 million / £20 million 16 Dec 2019 for early bird saving  
Northern VCTs

Managed by NVM Private Equity in Newcastle, the three Northern VCTs are among the longest-running Venture Capital Trusts and have built up a strong investor following over the years, gaining a reputation for share offers that quickly sell out. The three VCTs have announced their intention to raise up to £40 million in linked offers, expected to open in January 2020.

Generalist - - - - - £40 million sought 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 5% of NAV 5.5% 2.5% 3% (2% for existing shareholders) 0.10% £500,000 / £20 million Jan 2020 for first 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% £21 million / £30 million 10 Dec 2019 for next allotment  
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, particularly in digital media and consumer products, and supporting them until a profitable exit can be achieved.

Generalist - - - £20 million sought 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 2023 3% 2% 1% 0.10% £2.5 million / £30 million 20 Dec 2019 for early bird saving  
Seneca Growth Capital VCT Generalist - 5.5% 5.5% 0% 0.30% £940,000 / £10 million 17 Jan 2020 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% 3.75% 1.75% (0.75% existing shareholders) 0.15% £10 million sought 31 Dec 2019 for early bird saving  

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