Transact becomes first platform to offer VCTs

Transact has partnered with Octopus Investments to become the first platform to offer venture capital trusts (VCTs) following the introduction of new legislation.

The news follows governmental changes, announced in last year's Finance Bill, allowing VCTs to be bought by a nominee and still qualify for tax relief. Prior to this, VCTs could only be bought by investors directly and then transferred to platforms, a process many potential buyers found cumbersome and complex. The first VCTs available on Transact will be the Octopus AIM VCT, Octopus Titan VCT, which invests in early-stage high-growth businesses, and Octopus Apollo VCT, which invests in established smaller companies. Octopus said demand for VCTs over the past 12 months has been at i...